ITAT Quashes Dual Additions for Unexplained Funds Citing Sale of Shares & Verified Loans

PCIT Vs Improve Financial Consultants Private Limited (Calcutta High Court) The Calcutta High Court delivered a judgment in the case of PCIT Vs Improve Financial Consultants Private Limited, an appeal directed against an order passed by the Income Tax Appellate Tribunal (ITAT), Kolkata B Bench. The appeal challenged the ITAT’s decision, which had favored the assessee, effectively overturning the additions made by the Assessing Officer (AO) and sustained by the Commissioner of Income Tax (Appeals) [CIT(A)] related to alleged unexplained investments and unexplained loans and advances. The core...