https://www.taxtmi.com/caselaws?id=771503 The ITAT Chandigarh ruled against the revenue in a case involving addition under section 69 for unexplained cash found in lockers. The tribunal found that the assessee's family operated as a joint family with common residence, kitchen, and business, with lockers held by multiple family members at the same bank. The department had already accepted that cash belonged to a family member from flat sale proceeds, on which capital gains tax was charged. Since the cash was found during a search conducted after the sale, and the department treated other family assets as joint without adverse inference, the tribunal held the addition was not justified. en-us Tue, 01 Apr 2025 00:00:00 +0530 Tue, 27 May 2025 08:32:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771503 The ITAT Chandigarh ruled against the revenue in a case involving addition under section 69 for unexplained cash found in lockers. The tribunal found that the assessee's family operated as a joint family with common residence, kitchen, and business, with lockers held by multiple family members at the same bank. The department had already accepted that cash belonged to a family member from flat sale proceeds, on which capital gains tax was charged. Since the cash was found during a search conducted after the sale, and the department treated other family assets as joint without adverse inference, the tribunal held the addition was not justified. Case-Laws Income Tax Tue, 01 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771503