Suresh Chand Goyal Vs ACIT (ITAT Delhi)
Summary: The Delhi Bench of the Income Tax Appellate Tribunal allowed the appeals of Suresh Chand Goyal and Meera Goyal for Assessment Year 2023-24, deleting additions made under Section 69A of the Income-tax Act, 1961 in respect of cash found during a search conducted in the Goyal Group.
The search was conducted on 10.01.2023. Cash of Rs.1,10,00,000/- was found in Locker No. 542 maintained with South Delhi Vaults & Credits Ltd., while cash of Rs.14,50,000/- was found at B-45, Maharani Bagh, New Delhi. Additions of Rs.1,10,00,000/- were made in the hands of Meera Goyal and Rs.10,00,000/- in the hands of Suresh Chand Goyal. Cash was also found at various other entities of the Goyal Group. In aggregate, cash of Rs.3,74,65,604/- was found, out of which Rs.3,59,99,000/- was seized.
The assessees explained that the cash found and seized formed part of duly recorded cash balances maintained by various entities of the Goyal Group, particularly M/s Goyal Capital MG Gases Pvt. Ltd. They relied upon cash books, audited financial statements, ledgers, reconciliation and other supporting documentary evidence. According to the assessees, aggregate cash-in-hand available with the Goyal Group as on the date of search was Rs.4,10,60,052/-, which was sufficient to explain the entire seized cash of Rs.3,59,99,000/-.
