Cash Seized After Demonetization Not Unexplained: ITAT Accepts Long-Term Bank Withdrawals as Source

Avinash Aradhya Vs DCIT (ITAT Bangalore) Cash Seized During Search Not Unexplained – ITAT Accepts Long-Held Withdrawals as Source; Section 69A Addition on Cash & Jewellery Deleted – Tribunal Cites Human Probability & CBDT Circular 1916; Assessee Justified Retention of Cash for Financial Liabilities – Jewellery Also Found Within Reasonable Family Holdings A search operation in the case of M/s Gemini Professional Services Pvt. Ltd. led to recovery of ₹99.95 lakh cash from Shri Avinash Aradhya, who was present at the premises. AO treated the amount as unexplained money u/s 69A, ...