ITA No. 6136/Mum/2024

Parties Involved

Facts Summary

The assessee, Akshay Jayantilal Doshi, filed his return of income for Assessment Year 2022-23 declaring a total income of Rs. 3,83,99,630/-. A search and seizure action was conducted on 31.12.2021 under section 132 of the Income-tax Act, 1961, during which cash amounting to Rs. 1,25,64,000/- was found at the assessee's residential premises. The Assessing Officer added this amount to the assessee's total income under section 69A of the Act, deeming it unexplained money. The assessee appealed this addition before the Commissioner of Income-tax (Appeals)–50, Mumbai, who deleted the addition, holding that the cash found was explained by the cash-in-hand as per the books of accounts of various group entities and family members.…

Legal Issues

• 1. Whether the learned CIT(A) was justified in deleting the addition of Rs. 1,25,64,000/- on account of unaccounted cash under section 69A of the Act.

Precedents Relied Upon

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