https://www.taxtmi.com/caselaws?id=761549 The Delhi HC upheld the ITAT's decision against the assessee regarding unexplained cash of Rs. 15,84,000/- recovered during a search operation. The court found the assessee's explanation far-fetched, noting that claimed cash withdrawals occurred 5-6 years prior to the search without credible justification. Despite having substantial cash in hand, additional bank withdrawals were made without reasonable explanation. The assessee failed to produce the wife's bank accounts to establish the source of funds allegedly belonging to her. The court determined that tracing the cash to legitimate sources was impossible and that the ITAT's findings were not perverse, treating the matter as a question of fact rather than law. en-us Mon, 28 Oct 2024 00:00:00 +0530 Tue, 12 Nov 2024 08:54:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761549 The Delhi HC upheld the ITAT's decision against the assessee regarding unexplained cash of Rs. 15,84,000/- recovered during a search operation. The court found the assessee's explanation far-fetched, noting that claimed cash withdrawals occurred 5-6 years prior to the search without credible justification. Despite having substantial cash in hand, additional bank withdrawals were made without reasonable explanation. The assessee failed to produce the wife's bank accounts to establish the source of funds allegedly belonging to her. The court determined that tracing the cash to legitimate sources was impossible and that the ITAT's findings were not perverse, treating the matter as a question of fact rather than law. Case-Laws Income Tax Mon, 28 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761549