Addition of sales reversal entry as unexplained expenditure is unjustified

Chotanagpur Petroleum Agency Vs PCIT (ITAT Kolkata) ITAT Kolkata held that addition of sales reversal entry alleging the same as unexplained expenditure is unjustified and unsustainable in law. Facts- Case of the assessee was selected for scrutiny through CASS followed by serving of notices u/s 143(2) & 142(1) of the Act and the reason for selection for the scrutiny was cash deposit during demonetization period. The details called for were filed by the assessee and the assessment was completed after making minor disallowances of bonus, gift & presentation charges, motor car expenses an...