ITAT Deletes Sec. 234B Interest; AO Failed to Adjust Seized Cash Against Tax Liability

Sushil Bansal Vs ACIT (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT) Delhi Bench has delivered a split verdict in two appeals filed by Sushil Bansal against orders from the CIT(A) for Assessment Year (AY) 2019-20. The appeals contested an assessment order that added Rs. 88 lacs as unexplained cash and a subsequent penalty levied under Section 271AAB of the Income Tax Act, 1961. The Tribunal’s decision hinges on the peculiar facts of the case, particularly the immediate disclosure of cash found in a locker during a search operation. Background of the Case A search and seizure opera...