Cash Deposits Cannot Be Treated as Unexplained Under Presumptive Tax Scheme: ITAT Kolkata

Dipyaman Dutt Vs ITO (ITAT Kolkata) The appeal before the ITAT Kolkata concerned addition of ₹36,62,530 sustained by the CIT(A) out of total cash deposits of ₹68 lakh made during AY 2014-15. The assessee, engaged in catering business under a valid trade license issued by Kolkata Municipal Corporation, had filed return under Section 44AD declaring turnover of ₹65,68,500 and profit of ₹5,56,133 at 8% on presumptive basis, without maintaining books of account. The Assessing Officer treated the entire ₹68 lakh cash deposits as unexplained income. On appeal, the CIT(A) granted partial rel...