https://www.taxtmi.com/caselaws?id=762073 ITAT Delhi allowed the assessee's appeal regarding cash found in lockers during search proceedings. The tribunal found that cash in two lockers belonged to RNB Temple Trust and Ram Bajaj Foundation, not to Bajaj family members. The cash amounts matched declarations in the entities' balance sheets and were earmarked for temple construction and educational institution operations. Since 95% of submissions were accepted by CIT(A) and no evidence proved the cash belonged to family members beyond presumption, the tribunal deleted the addition made by CIT(A), ruling in favor of the assessee. en-us Wed, 20 Nov 2024 00:00:00 +0530 Sat, 23 Nov 2024 08:01:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762073 ITAT Delhi allowed the assessee's appeal regarding cash found in lockers during search proceedings. The tribunal found that cash in two lockers belonged to RNB Temple Trust and Ram Bajaj Foundation, not to Bajaj family members. The cash amounts matched declarations in the entities' balance sheets and were earmarked for temple construction and educational institution operations. Since 95% of submissions were accepted by CIT(A) and no evidence proved the cash belonged to family members beyond presumption, the tribunal deleted the addition made by CIT(A), ruling in favor of the assessee. Case-Laws Income Tax Wed, 20 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762073