https://www.taxtmi.com/caselaws?id=764211 The ITAT Delhi dismissed the Revenue's quantum appeal regarding unexplained cash found during search, upholding CIT(A)'s finding that addition would lead to double taxation since the assessee had already surrendered Rs. 9 crores income under section 132(4). The tribunal held that statements recorded under section 132(4) are presumed true unless contradicted by material evidence, which Revenue failed to provide. Additionally, the penalty under section 271AAB(1)(a) was deleted on technical grounds due to non-specification of clear charges in the penalty notice, violating principles of natural justice as established in Jaina Marketing Associates and Dilip N Shrof cases. en-us Thu, 28 Nov 2024 00:00:00 +0530 Sat, 04 Jan 2025 12:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764211 The ITAT Delhi dismissed the Revenue's quantum appeal regarding unexplained cash found during search, upholding CIT(A)'s finding that addition would lead to double taxation since the assessee had already surrendered Rs. 9 crores income under section 132(4). The tribunal held that statements recorded under section 132(4) are presumed true unless contradicted by material evidence, which Revenue failed to provide. Additionally, the penalty under section 271AAB(1)(a) was deleted on technical grounds due to non-specification of clear charges in the penalty notice, violating principles of natural justice as established in Jaina Marketing Associates and Dilip N Shrof cases. Case-Laws Income Tax Thu, 28 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764211