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 re

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