Claim of Cash-In-Hand from Business Profits cannot be rejected without Clear Findings

Manish Kumar Mittal Vs ITO (ITAT Delhi) Introduction: The case of Manish Kumar Mittal Vs ITO, heard by the Income Tax Appellate Tribunal (ITAT) Delhi, pertains to the treatment of cash-in-hand from business profits declared under Section 44AD of the Income Tax Act. This article provides an analysis of the tribunal’s decision and its implications. Detailed Analysis: The appellant, Manish Kumar Mittal, contested the addition of Rs. 5,71,276/- as unexplained money by the Assessing Officer (AO). Mittal had declared cash-in-hand of Rs. 614,567/- as part of his business profits under Section 4...