DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, TRICHY, TRICHY vs. NO 1 AUTO FINANCE, KARUR

ITA 658/CHNY/2025Status: DisposedITAT Chennai06 August 2025AY 2018-19Bench: SHRI GEORGE GEORGE K (Vice President), SHRI S.R. RAGHUNATHA (Accountant Member)42 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the Revenue failed to prove that the seized cash represented undisclosed income. The reconciliation provided by the assessee was found to be acceptable in the absence of contrary evidence from the Revenue.

What were the facts?

During a search, cash of Rs. 1,10,10,000 was seized from the premises of multiple firms, including the assessees. The assessee firms provided explanations and reconciliation for the cash balance, supported by their books of account.

What were the issues?

Whether the seized cash represented unexplained income of the assessee firms, and if the reconciliation provided by the assessee was sufficient to explain the cash balance.

Which sections of the Income-tax Act were involved?

Section 132,Section 153A,Section 143(3)

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Income Tax Appellate Tribunal, ‘A’ BENCH, CHENNAI

Before: SHRI GEORGE GEORGE K & SHRI S.R. RAGHUNATHA

Hearing: 18.06.2025Pronounced: 06.08.2025

PER S. R. RAGHUNATHA, AM :

These appeals have been pre

The order continues below.

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