ITAT Deletes Addition: AO Fails to Justify Rejection of Assessee’s Explanation

Cumin Infotech Private Limited Vs ITO (ITAT Delhi) Income Tax Appellate Tribunal (ITAT), Delhi Bench, has deleted an addition of Rs. 24,06,635/- made by the Assessing Officer (AO) to the income of Cumin Infotech Private Limited for the Assessment Year 2017-18. The addition, initially sustained by the Commissioner of Income Tax (Appeals) [CIT(A)], was related to cash deposits treated as unexplained money. The case involved Cumin Infotech Private Limited, which had filed its return of income for AY 2017-18 declaring Nil income. During the assessment proceedings under section 143(3) of the Income...