TaxTMI 
TaxTMI 
2026 (8) TMI 1264
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....ed to as 'the Act') dated 26.12.2019, 10.08.2022 and 29.12.2029. Identical issue is involved in all these appeals and hence they are taken up together and disposed of by this common order for the sake of convenience..... Neelam Aggarwal- ITA No. 6809/Del/2025 - Asst Year 2018-19- Assessee Appeal 2. The second limb of Ground No.1 on the issue of non-approval under section 153D of the Act, was stated to be not pressed by the Learned AR at the time of hearing. The same is reckoned as a statement made from the Bar and accordingly the second limb of Ground No. 1 is hereby dismissed as not pressed. 3. The first limb of Ground No.1 is challenging the action of the Learned CITA in confirming the addition of Rs 8,83,150 under section 69A of the Act on account of cash found during the course of search. 4. We have heard the rival submissions and perused the materials available on record. The assessee filed her return of income for the assessment year 2018-19 on 9-3-2018 declaring total income of Rs. 12,50,210. A search and seizure operation under Section 132 of the Act was carried out on 25-10-2017 and during the course of search, cash of Rs. 8,83,150 was found from the locker whi....
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....ought to be carried out by the learned AO on that affidavit and that the affidavit placed on record was not put to test. Hence, the contents given in the affidavit had to be construed as true and correct when the same was not sought to be tested in the eyes of law. Reliance in this regard is placed on the celebrated decision of Hon'ble Supreme Court in the case of Mehta Parikh reported in 30 ITR 181 (SC). Hence, we have no hesitation to give credit to the extent of cash owned up by the mother of the assessee Smt Sulochana Devi in the sum of Rs. 2,50,000. 6. With regard to the remaining sum of Rs. 6,33,150, the assessee had placed on record the cash account containing the opening cash balance, cash withdrawals, income earned in cash, gift received from various people and after reducing the outgoings and personal expenses, there was sufficient cash balance left with the assessee to explain the cash found in the locker at the time of search. Considering the social standing and the status of the assessee, it could be safely construed that a plausible explanation had indeed been given by the assessee. It cannot be denied that assessee for the year under consideration itself had decla....
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....e income of Rs 12,00,930. During the year under consideration, the Learned AO noted that assessee had earned income from business or profession, capital gains and income from other sources. A search and seizure operation under Section 132 of the Act was carried out on 14-10-2020 in the case of Manoj Kumar Singh. The premises / locker of the assessee was also covered during the search operations. During the course of search, cash of Rs. 12,75,430 was found along with 475.10 grams (belongs to Pooja Hada) and 1316.50 grams (Belongs to Poonam Hada) (including 1kg Bar) of Gold were found. The assessee submitted that only a sum of Rs 9,17,030 belongs to her and remaining cash of Rs 3,58,400 belongs to Shri Manish Hada. This explanation was accepted by the revenue. The assessee was directed to explain the source of cash found at the time of search in the sum of Rs 9,17,030. The assessee explained in the statement under section 132(4) of the Act at the time of search that cash found at the residential premises represent Rs 2,50,000 mandir money found from house mandir ; Rs 2,80,000 belongs to wife (Mrs Poonam Hada) represent shagun envelopes received as gifts from friends and relatives by ....
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....ft in the year 2018 for performing her death rituals. The assessee stated at the time of search that after spending Rs. 3,80,000 from that sums towards the death rituals, the balance amount of Rs. 4,20,000 was retained in the house which was found at the time of search. It is a fact that the assessee's mother was not alive at the time of search. It is a normal practice prevailing in the country for the elders to earmark funds either in the will or assign the responsibility to one trusted / loyal family member by giving their personal funds to that concerned family member for meeting the death rituals. This is being practiced in the larger interest and harmony of the family. Majority of the elders in the country resort to this practice. Hence, the explanation given by the assessee need to be considered as a plausible explanation in this regard. Further, we also find that given the social standing and the income declared by the assessee in the income tax returns for the year and earlier years, the cash found in the sum of Rs. 4,20,000 in this regard could be very easily explained and had to be construed as a very plausible explanation. Hence, no addition could be made in the hand....
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....he day of search. The assessee also submitted with reference to query regarding Locker No. 223 with HDFC Bank which was jointly maintained with Shri Kunal Gulati and in the said Locker, jewellery were found during search. The assessee submitted that the said Locker was operated by Shri Kunal Gulati on 5-10-2017. The said information was made available to the personnel of the Investigation Wing during the course of search and as such, the personnel of the Investigation Wing directed Shri Kunal Gulati to come to the residence of assessee and hand over all the jewellery kept in the Locker at HDFC Bank. On the instruction of the personnel of the Investigation Wing, Shri Kunal Gulati came to the residence of the assessee and handed over all jewellery kept in the Locker at the time of search. As such, all the jewellery in the Locker at HDFC Bank were made part of the valuation report forming part of Panchanama in the case of assessee and Smt Shashi Agarwal. The valuation report of the jewellery dated 5-10-2017 is enclosed in pages 8 and 9 of the paper book. The said valuation report contains various items in respect of 1019.54 grams of gold valued at Rs. 38,10,098 and 306.80 grams of gol....