FDR Addition Remanded Because AO Failed to Verify Bank Records

Alliance Books Suppliers Pvt Ltd Vs ACIT (ITAT Kolkata) FDs Given as Bank-Guarantee Margin Cannot Be Taxed as Unexplained Money – Matter Remanded; Only Interest Income Taxable Assessee purchased bank guarantees from Central Bank of India backed by FDRs of ₹1,67,21,259 placed as margin. Later, business became NPA & bank invoked SARFAESI, taking possession & appropriating the FDRs. AO reopened assessment & treated the entire FDR amount as unexplained money u/s 69A, additionally taxing interest of ₹1,70,676. CIT(A) affirmed. Assessee submitted letters showing repeated requests t...