ITAT deletes addition of unexplained income as cash deposit evidence was furnished

ITO Vs Keshavlal Raichand & Sons (ITAT Mumbai) The Income Tax Appellate Tribunal Mumbai in “Income Tax Officer v. Keshavlal Raichand & Sons, ITA/6813/MUM/2025” has dismissed Revenue’s appeal filed against the Respondent company which is a pharmaceutical supplies dealer. The Assessing Officer had made additions of Rs. 2.61 crores u/s 68 of the Income Tax Act 1961 treating cash deposits (made during demonetization period) as unexplained income which was deleted by the National Faceless Appeals Centre (NFAC) in first appeal. Since the Respondent Company had proved all c...