2019 (2) TMI 1207

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.... by the assessee to challenge the judgment of the Income Tax Appellate Tribunal ("the Tribunal" for short) dated 16.7.2014. This appeal filed by the assessee arises out of the assessment year 2001-02. 2. Following questions are presented for our consideration:- (i) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in treating the actual liabilit....

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....wing backgrounds:- 2.1 During a search action against one Ms. Rani Mukherjee took place on 8.10.2000, the Income Tax Department found cash of Rs. 7.50 Lacs from her locker. Her father Mr. Ram Mukherjee explained that Rs. 1.5 Lacs belonged to the family and the balance of Rs. 6 Lacs were received for safe keeping from the assessee who was the family friend which was deposited in the locker. Howe....

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....ccept such an explanation. The additions in the hands of the assessee in terms of Section 69C of the Income Tax Act, 1961 was, therefore, confirmed. 3. Having heard the learned counsel for the appellant and having perused the documents on record, we do not find any reason to interfere. The two revenue authorities and the Tribunal concurrently came to the conclusion that the amount of Rs. 6 Lacs....