2012 (7) TMI 1040 - AT - Income Tax

Summary

Issues involved: Appeal by Revenue against deletion of addition of unexplained cash found in assessee's bank locker during search.

Summary:
The Revenue appealed against the deletion of an addition of Rs. 20,00,000 on account of unexplained cash found in the assessee's bank locker during a search. The Revenue argued that the cash was unaccounted for, as admitted by the assessee during the search proceedings. However, the assessee later retracted her statement and did not disclose the amount in her income tax return. The assessee claimed that the cash belonged to a company, M/s.Navjivan Roller Flour & Pulse Mills Ltd., but the Revenue contended that there was no nexus between the cash found and the company. The CIT(A) had directed to assess the cash found in the locker on a substantive basis as part of the company's disclosure, and this decision was final as the company did not appeal. The Tribunal confirmed the CIT(A)'s order, stating that double taxation of the same amount was not permissible in law, and hence, the addition could not be considered again in the hands of the assessee.

In conclusion, the Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision regarding the unexplained cash found in the assessee's bank locker during the search.