ITAT deletes unexplained cash credit addition of Rs. 3 crore, stemming from unsecured loans

DCIT Vs Alom Extrusions Ltd. (ITAT Kolkata) The case of DCIT Vs Alom Extrusions Ltd. involves an appeal by the Department against the Commissioner of Income Tax (Appeals) – 27, Kolkata (CIT(A)). The appeal challenges the order dated 14th June 2023, passed under section 250 of the Income Tax Act, 1961. The primary issue revolves around the addition of Rs.3,00,00,000/- as unexplained cash credit on account of unsecured loans. Background: A search and seizure operation conducted under section 132 of the Income Tax Act on 26th November 2015 revealed no incriminating material for the assessm...