Cash Source Seized by CBI from Corporate Office Sufficiently Explained: ITAT deletes Income Tax Addition of Rs. 89 lakhs u/s 69

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) annulled the addition of Rs. 89 lakhs under Section 69 of the Income Tax Act, 1961, as the source of cash seized by the Central Bureau of Investigation (CBI) from the corporate office was well elucidated. \r

Eldeco Infrastructure & Properties Ltd., engaged in real estate development, clarified that the seized cash was part of its accounted funds. Despite this, the Assessing Officer (AO) persisted with the addition. ITAT criticized the Chief Commissioner of Income Tax's decision to appeal, given the clear explanation provided by the assessee. \r

The tribunal upheld the CIT (A)'s decision and dismissed the revenue's contentions, emphasizing the explained nature of the seized cash.