Assessment on Dissolved Firm Upheld for Failure to Explain ₹25 Lakh Cash Deposit

Kalptaru Cotton Co Vs ITO (ITAT Ahmedabad)

Cash Deposit After Firm’s Dissolution Unexplained: ITAT Ahmedabad Confirms ₹25 Lakh Addition u/s 69A

Assessee, Kalptaru Cotton Co., a partnership firm dissolved on 30.04.2015, had not filed a return for AY 2017-18. During demonetisation (Nov–Dec 2016), ₹25,00,000 was deposited in the firm’s SBI bank account. Based on AIR information, AO issued several notices u/s 142(1) from December 2017 onwards. Assessee finally replied on

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