https://www.taxtmi.com/caselaws?id=754417 ITAT Bangalore held that cash of Rs 4,06,700 found during search was not unexplained cash warranting penalty under section 271AAA. The assessee had withdrawn approximately Rs 4,85,000 from bank accounts between December 2009 to May 2010, which exceeded the cash found during search on 25.10.2010. The tribunal rejected Revenue's argument that no prudent person would keep cash for extended periods, noting the department failed to prove the withdrawals were utilized elsewhere or that the cash originated from other sources. Following precedent, the time gap between withdrawal and search did not render the cash unexplained. Appeal allowed. en-us Thu, 20 Jun 2024 00:00:00 +0530 Mon, 24 Jun 2024 08:12:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754417 ITAT Bangalore held that cash of Rs 4,06,700 found during search was not unexplained cash warranting penalty under section 271AAA. The assessee had withdrawn approximately Rs 4,85,000 from bank accounts between December 2009 to May 2010, which exceeded the cash found during search on 25.10.2010. The tribunal rejected Revenue's argument that no prudent person would keep cash for extended periods, noting the department failed to prove the withdrawals were utilized elsewhere or that the cash originated from other sources. Following precedent, the time gap between withdrawal and search did not render the cash unexplained. Appeal allowed. Case-Laws Income Tax Thu, 20 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754417