Unexplained cash in locker upheld where assessee failed to rebut concurrent findings on source of funds.

Cash found and seized from an assessee's locker during search proceedings was treated as unexplained money under section 69A because the explanation that it belonged to M/s. Shree Balaji Trading Company was rejected by the Assessing Officer and CIT(A). On appeal, the ITAT Delhi found no contrary material to dislodge the concurrent factual findings of the lower authorities. The addition was therefore upheld and the challenge to the unexplained-money assessment failed.

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Issues: Whether the addition of cash found in the locker as unexplained money under section 69A of the Income-tax Act, 1961 could be disturbed in appeal.

Analysis: Cash of Rs. 18,50,000 was found and seized from the assessee's locker during search and seizure proceedings under section 132 of the Income-tax Act, 1961. The assessee's explanation that the cash represented cash in hand of M/s. Shree Balaji Trading Company was rejected by the Assessing Officer and the Commissioner of Income Tax (Appeals). No contrary material was produced before the Tribunal to dislodge the concurrent findings of the lower authorities.

Conclusion: The addition as unexplained money was upheld and the assessee's challenge was rejected.

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