Usha Girdharilal Jhunjhunwala Vs. ACIT

Parties Involved

Facts Summary

This case pertains to the appeal filed by Usha Girdharilal Jhunjhunwala against the order of the Commissioner of Income Tax (Appeals) [CIT(A)], Delhi, for the assessment year 2021-22. The appeal arises from the proceedings under section 143(3) of the Income-tax Act, 1961. During the search and seizure action, cash amounting to Rs. 54.13 lakhs was found at the premises of the assessee and her son, Ashish Jhunjhunwala. The Assessing Officer (AO) treated this cash as unexplained income under section 69A of the Income Tax Act. The assessee contested this addition, claiming that the cash was accumulated from past savings, household expenditures, and gifts received from relatives and friends. However, the AO found the explanation unsatisfactory due to the lack of documentary evidence.…

Legal Issues

• 1. Whether the cash found during the search should be treated as unexplained income under section 69A of the Income Tax Act.

Judgment Outcome

Decided in favour of Assessee.

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