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Cash Seized After Demonetization Not Unexplained: ITAT Accepts Long-Term Bank Withdrawals as Source
Case Law Details
- Case Name
- Avinash Aradhya Vs DCIT (ITAT Bangalore): ITA No. 1418/Bang/2024
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All ITAT, ITAT Bangalore
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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, ...
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