ITAT reduces Unexplained Deposit Addition from ₹2.28 Crore to ₹63,133

Somnath Bandopadhaya Vs ITO (ITAT Ahmedabad) The Income Tax Appellate Tribunal, Ahmedabad, ruled that most deposits in the NRI’s bank accounts were satisfactorily explained, reducing additions under Section 69A from ₹2.28 crore to ₹63,133.  In Somnath Bandopadhaya v. ITO (ITAT Ahmedabad, order dated 16 January 2025), the Tribunal partly allowed the appeal of a non-resident assessee against the addition of ₹2.28 crore made as unexplained money under Section 69A read with Section 115BBE of the Income Tax Act, 1961, for Assessment Year 2018–19. The case arose from reassessment proceedi...