ITAT confirms addition for cash seized by police not explained satisfactorily

Sri. P.P.Sharafuddin Vs. ITO (ITAT Cochin)

The amount of Rs. 14 lakh was seized by the police from the assessee on 03.03.2008. At the time of seizure, the assessee did not mention that the amount seized belongs to his uncle. Because of the suspicious behavior and lack of explanation on the part of the assessee, the police seized the amount and same was produced before the Judicial Magistrate. Later it was claimed by Sri. Abdul Sathar, uncle of the assessee that the money belonged to him.

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