ITAT Deletes Unexplained Cash Addition: Proof of Joint Family Funds Accepted

Shailendra Rameshchandra Rathi Vs ACIT (ITAT Mumbai) ITAT Mumbai deletes ₹11.14 lakh “unexplained cash” addition—family cash & small gifts accepted as explained During a search on 23-09-2021, ₹15,01,150 was found in the assessee’s locker. AO accepted only ₹1,533 as per books & treated balance as unexplained. CIT(A) partly accepted assessee’s explanation but denied credit for cash claimed to belong to his father (₹4 lakh) & wife (₹3.67 lakh), citing non-filing of returns. Tribunal found this factual assumption incorrect-both had filed returns & maintained cas...