ITAT Delhi: Cash of ₹3.11 Cr found in locker is NOT “unexplained” – treated as speculative/business income, Section 69A & 115BBE deleted

Rajesh Bubna Vs ACIT (ITAT Delhi)

ITAT Delhi: Cash of ₹3.11 Cr found in locker is NOT “unexplained” – treated as speculative/business income, Section 69A & 115BBE deleted

Assessee, an individual engaged in trading of chemicals, was subjected to search in the Faquir Chand Lockers & Vaults Group. During search on 06.12.2018, two lockers belonging to Assessee were opened & a total of ₹3.11 crore cash was found. Immediately during the statement u/s 132(4), Assessee clearly explained that the cash was accumulated over time out of speculative trading in food

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