https://www.taxtmi.com/caselaws?id=461145 ITAT Chennai dismissed appeals by two assessees who challenged treatment of Rs. 85 lakhs cash (Rs. 50 lakhs and Rs. 35 lakhs respectively) found during search as unexplained income under section 69A. The assessees initially declared amounts as commission income but failed to substantiate the source to AO's satisfaction. Their subsequent claim that cash belonged to joint family members was rejected as they had already offered it as their own income during search proceedings. ITAT upheld CIT(A)'s decision treating the income as unexplained under section 69A and confirming applicability of section 115BBE for taxation. en-us Wed, 19 Apr 2023 00:00:00 +0530 Mon, 17 Mar 2025 14:12:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461145 ITAT Chennai dismissed appeals by two assessees who challenged treatment of Rs. 85 lakhs cash (Rs. 50 lakhs and Rs. 35 lakhs respectively) found during search as unexplained income under section 69A. The assessees initially declared amounts as commission income but failed to substantiate the source to AO's satisfaction. Their subsequent claim that cash belonged to joint family members was rejected as they had already offered it as their own income during search proceedings. ITAT upheld CIT(A)'s decision treating the income as unexplained under section 69A and confirming applicability of section 115BBE for taxation. Case-Laws Income Tax Wed, 19 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461145