https://www.taxtmi.com/caselaws?id=465762 Cash detected during search raises determination of the real owner and the assessee's duty to explain source; the tribunal directed remand to the assessing officer to verify whether the cash belonged to a third-party group or to the assessee, and to check if advance tax credit was given to the other company, with the consequence that no addition should be made if the sum is found to belong to the third party. The tribunal also concluded that taxing the same income in multiple years caused double taxation and directed the AO to tax undisclosed income in the year of discovery and to examine claims on application of income and source. en-us Thu, 31 Aug 2023 00:00:00 +0530 Tue, 27 Jan 2026 11:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465762 Cash detected during search raises determination of the real owner and the assessee's duty to explain source; the tribunal directed remand to the assessing officer to verify whether the cash belonged to a third-party group or to the assessee, and to check if advance tax credit was given to the other company, with the consequence that no addition should be made if the sum is found to belong to the third party. The tribunal also concluded that taxing the same income in multiple years caused double taxation and directed the AO to tax undisclosed income in the year of discovery and to examine claims on application of income and source. Case-Laws Income Tax Thu, 31 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465762