https://www.taxtmi.com/caselaws?id=214037 The court dismissed the appeal, upholding the findings of the Income Tax Appellate Tribunal. It concluded that the cash found during the search and raid was not adequately explained, raising doubts about ownership and legitimate sources of income. The court emphasized the importance of maintaining accurate financial records and rejected the argument that the presumption regarding ownership could be solely based on the assessee's records, considering the father's financial documents as well. No new questions for consideration were found, and no costs were awarded in the case. en-us Tue, 21 Feb 2012 00:00:00 +0530 Fri, 15 Jun 2012 18:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214037 The court dismissed the appeal, upholding the findings of the Income Tax Appellate Tribunal. It concluded that the cash found during the search and raid was not adequately explained, raising doubts about ownership and legitimate sources of income. The court emphasized the importance of maintaining accurate financial records and rejected the argument that the presumption regarding ownership could be solely based on the assessee's records, considering the father's financial documents as well. No new questions for consideration were found, and no costs were awarded in the case. Case-Laws Income Tax Tue, 21 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214037