https://www.taxtmi.com/caselaws?id=751973 The ITAT Delhi set aside a revision order u/s 263 where CIT directed additions for unexplained cash and jewellery found during search under sections 69A and 115BBE. The tribunal held that the assessee was given only three working days to respond and CIT failed to make proper inquiries while rejecting the assessee's explanations. The AO had conducted specific inquiries and found the cash source satisfactory, with opening balances accepted by Revenue. The tribunal noted Rs. 10 lakh cash was not implausible given Indian socio-economic structure and business needs. The revisional order was quashed for lack of effective opportunity and the AO's assessment was restored. en-us Thu, 25 Apr 2024 00:00:00 +0530 Tue, 30 Apr 2024 13:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751973 The ITAT Delhi set aside a revision order u/s 263 where CIT directed additions for unexplained cash and jewellery found during search under sections 69A and 115BBE. The tribunal held that the assessee was given only three working days to respond and CIT failed to make proper inquiries while rejecting the assessee's explanations. The AO had conducted specific inquiries and found the cash source satisfactory, with opening balances accepted by Revenue. The tribunal noted Rs. 10 lakh cash was not implausible given Indian socio-economic structure and business needs. The revisional order was quashed for lack of effective opportunity and the AO's assessment was restored. Case-Laws Income Tax Thu, 25 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751973