Shri Avinash Aradhya Vs. The Dy. Commissioner of Income Tax

Parties Involved

Facts Summary

The case involves an appeal by the assessee against the order passed by the NFAC, Delhi for the assessment year 2020-21. The assessee was found with a bag containing cash of ₹ 99.95 lakhs during a search and survey operation at the premises of M/s Gemini Professional Services Private Limited. The assessee claimed ownership of the cash and explained its source as continuous cash withdrawals from his bank account. However, the Assessing Officer (AO) did not accept the explanation and treated the cash as unexplained money under section 69A of the Act. The assessee appealed to the Commissioner of Income Tax (Appeals) (CIT-A), which was dismissed. The assessee then appealed to the Income Tax Appellate Tribunal (ITAT).…

Legal Issues

• 1. Whether the cash found with the assessee during the search represents unexplained money under section 69A of the Act.
• 2. Whether the gold jewelry found during the search represents unexplained money under section 69A of the Act.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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