Appeal allowed as assessee proves source of cash, reversing addition under section 69A.

The Tribunal allowed the appeal, overturning the decisions of the lower authorities, emphasizing that the assessee adequately explained the source of cash found during the search operation, discharging the burden of proof imposed on him. The Tribunal disagreed with the CIT(A)'s reasoning and held that the assessee's explanation was acceptable, reversing the addition made under section 69A of the Income Tax Act.

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Issues:
1. Assessment of income under section 69A based on cash found during search operation.
2. Rejection of explanation by Assessing Officer and CIT(A) regarding the source of cash found in locker.
3. Appeal before the Tribunal challenging addition under section 69A.

Analysis:
1. The appeal was against the order of CIT(A) for the assessment year 2013-14 concerning the assessment of income under section 69A based on cash found during a search operation under section 132 of the Income Tax Act, 1961. The assessee, an individual and employee of a group engaged in Builders and Developers business, had cash amounting to Rs. 9,25,000 found in a locker during the search.
2. The Assessing Officer (A.O.) and CIT(A) rejected the explanation provided by the assessee regarding the source of the cash found in the locker. The A.O. assessed the entire income under section 69A, stating that the explanation given by the assessee was not acceptable as it was considered self-serving and an afterthought. The CIT(A) upheld the A.O.'s decision, emphasizing that depositing cash in a bank would have been a better option than keeping it in a locker.
3. The Tribunal, after considering the submissions and evidence, found that the assessee had adequately explained the source of the cash found in the locker as past savings for his daughter's marriage. The Tribunal disagreed with the CIT(A)'s reasoning, stating that it was the assessee's prerogative to decide where to keep the money. The Tribunal noted that the A.O. had failed to provide a proper basis for rejecting the assessee's explanation and reversed the CIT(A)'s decision, allowing the appeal filed by the assessee.

In conclusion, the Tribunal allowed the appeal, overturning the decisions of the lower authorities and emphasizing that the assessee had sufficiently explained the source of the cash found during the search operation, thereby discharging the burden of proof imposed on him.

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