ITAT upholds deletion of cash found at directors premises belonging to Company

DCIT Vs Atul (Kumar) Gupta (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT) Delhi recently rendered a crucial decision in the case of DCIT vs. Atul Gupta for the Assessment Year 2017-18. The appeal, arising from the Commissioner of Income Tax (Appeals)-29, New Delhi, focused on the deletion of additions under Section 69A concerning cash found during a search operation after demonetization. Detailed Analysis: The case revolves around a search and seizure operation conducted post-demonetization at Agson Global Group, including the premises of the assessee, Atul Gupta. During the search, cas...