Cash Deposit Addition Deleted as Bank Withdrawals Explained Deposit Source: ITAT Kolkata

Jayanta Fanzen Lighting Industries Private Limited Vs ACIT (ITAT Kolkata) The appeal before the Income Tax Appellate Tribunal, Kolkata Bench, arose from the order dated 07.04.2025 passed by the National Faceless Appeal Centre for Assessment Year 2017–18. The sole issue in dispute was the confirmation of an addition of ₹1,70,63,000 made under Section 69A of the Income-tax Act, 1961 on account of alleged unexplained cash deposits. The assessee had filed its return of income on 26.10.2017 declaring a total income of ₹9,17,340. The case was selected for complete scrutiny through Computer Ass...