Cash Source Seized by CBI from Corporate Office Sufficiently Explained: ITAT deletes Income Tax Addition of Rs. 89 lakhs u/s 69 [Read Order]
The source of cash amounting to Rs. 89.00.000/- seized by Central Beuro of Investigation from the corporate office of the appellant is well explained, the addition made on account of deemed income under Section 69 of Income Tax Act cannot be sustained.
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition of Rs. 89 lakhs under Section 69 of the Income Tax Act, 1961 after the source of cash seized by the Central Bureau of Investigation ( CBI ) from the corporate office was well explained. The assessee Eldeco Infrastructure &…
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