https://www.taxtmi.com/caselaws?id=459332 ITAT Indore upheld addition of Rs. 49.99 lakh as undisclosed income under section 69A after assessee was found carrying cash in bags during demonetization. Assessee admitted ownership and earning from undisclosed sources for FY 2016-17, failing to prove it was household savings as permitted by CBDT instructions. ITAT rejected relief claims since cash represented current year undisclosed income, not past savings. However, ITAT partially allowed appeal regarding interest under sections 234A, 234B, and 234C, directing AO to adjust seized cash against self-assessment tax liability and recompute interest accordingly, following precedent in CIT vs. Arun Bansal. en-us Fri, 01 Sep 2023 00:00:00 +0530 Fri, 06 Dec 2024 10:56:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459332 ITAT Indore upheld addition of Rs. 49.99 lakh as undisclosed income under section 69A after assessee was found carrying cash in bags during demonetization. Assessee admitted ownership and earning from undisclosed sources for FY 2016-17, failing to prove it was household savings as permitted by CBDT instructions. ITAT rejected relief claims since cash represented current year undisclosed income, not past savings. However, ITAT partially allowed appeal regarding interest under sections 234A, 234B, and 234C, directing AO to adjust seized cash against self-assessment tax liability and recompute interest accordingly, following precedent in CIT vs. Arun Bansal. Case-Laws Income Tax Fri, 01 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459332