https://www.taxtmi.com/caselaws?id=384541 Cash found during a search is subject to a rebuttable presumption of ownership under section 132(4A), but that presumption can be displaced by a consistent explanation supported by confirmation and affidavit. Where the assessee consistently claimed that the cash belonged to a third party and the core explanation remained unchanged, a variation only in collateral details about how the cash was brought or kept was not enough to treat the amount as unexplained money. On that record, the addition under section 69A was held unsustainable and was directed to be deleted. en-us Fri, 09 Aug 2019 00:00:00 +0530 Wed, 14 Aug 2019 17:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384541 Cash found during a search is subject to a rebuttable presumption of ownership under section 132(4A), but that presumption can be displaced by a consistent explanation supported by confirmation and affidavit. Where the assessee consistently claimed that the cash belonged to a third party and the core explanation remained unchanged, a variation only in collateral details about how the cash was brought or kept was not enough to treat the amount as unexplained money. On that record, the addition under section 69A was held unsustainable and was directed to be deleted. Case-Laws Income Tax Fri, 09 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384541