ITAT Delhi Deletes Section 69A Addition as Director Was Not Owner of Cash

DCIT Vs Dolly Kumar (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi, dismissed the Revenue’s appeal against the order of the Commissioner of Income Tax (Appeals) [CIT(A)] deleting an addition of ₹1,38,99,420 made under Section 69A of the Income Tax Act, 1961. The assessee’s cross objection was dismissed as infructuous following the dismissal of the Revenue’s appeal. The assessee had originally filed her return of income for Assessment Year 2022-23 declaring total income of ₹11,99,75,650. A search and seizure operation under Section 132 was conducted on 20.09.2023. Subseq...