Seized Cash Explained from Past Records: ITAT Grants Major Relief, Sustains Only Unproved Portion

Mulchand Sejmal Jain Vs DCIT (ITAT Hyderabad) Seized Cash Explained from Past Records: ITAT Grants Major Relief, Sustains Only Unproved Portion In this case, cash of ₹1.10 crore was seized from a vehicle, out of which ₹1 crore belonged to one assessee and ₹10.73 lakh to another. The Assessing Officer treated the amounts as unexplained under Section 69A due to lack of supporting evidence, and the CIT(A) upheld the additions. Before the ITAT, the assessees argued that the cash represented accumulated funds, supported by past disclosures of cash-in-hand in their income tax returns. The Trib...