Calcutta HC Upholds Deletion of Unexplained Cash Deposits During Demonetization

PCIT Vs Rifle Factory Co Operative Society Ltd (Calcutta High Court) Calcutta High Court has upheld a decision by the Income Tax Appellate Tribunal (ITAT), Kolkata, confirming the deletion of an addition of Rs. 3,77,62,052/- made on account of unexplained cash deposits in bank accounts of Rifle Factory Co-operative Society Ltd. during the demonetization period. The High Court dismissed the revenue’s appeal, finding no substantial question of law arose for its consideration, primarily due to the Assessing Officer’s (AO) failure to furnish a remand report and the revenue’s subs...