Cash Withdrawals from Disclosed Bank Accounts Not Unexplained: ITAT Mumbai

DCIT Vs F A Construction (ITAT Mumbai) Cash Withdrawals from Disclosed Bank Accounts Not Unexplained: ITAT Mumbai Upholds Deletion of ₹35.87 Cr Addition u/s 69A in Civil Contractor’s Case The Mumbai Bench of the ITAT dismissed the Revenue’s appeals for AYs 2014-15 to 2016-17 and upheld the orders of the CIT(A) deleting a major addition of ₹35.87 crore made under section 69A and an ad-hoc disallowance of 5% expenditure (₹12.09 crore) in the case of F A Construction, a civil contractor executing government and semi-government projects. The Assessing Officer had reopened the assessment ...