https://www.taxtmi.com/caselaws?id=386655 The Tribunal allowed the Miscellaneous Application seeking rectification of a mistake in its order regarding cash found and seized from the assessee. It acknowledged that the cash belonged to the company and was sourced from bank withdrawals and business operations. The Tribunal emphasized the need to establish a clear link between the source of funds and the cash found during the search. The order was modified to remand the issue back to the Assessing Officer for re-verification, stating that if the assessee could demonstrate sufficient bank withdrawals to explain the funds found, no addition should be made under section 69 of the Income Tax Act. en-us Fri, 27 Sep 2019 00:00:00 +0530 Fri, 04 Oct 2019 11:28:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386655 The Tribunal allowed the Miscellaneous Application seeking rectification of a mistake in its order regarding cash found and seized from the assessee. It acknowledged that the cash belonged to the company and was sourced from bank withdrawals and business operations. The Tribunal emphasized the need to establish a clear link between the source of funds and the cash found during the search. The order was modified to remand the issue back to the Assessing Officer for re-verification, stating that if the assessee could demonstrate sufficient bank withdrawals to explain the funds found, no addition should be made under section 69 of the Income Tax Act. Case-Laws Income Tax Fri, 27 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386655