ITAT Remands Section 69A Addition as CIT(A) Failed to Pass Proper Speaking Order

Radhakrishna Forex Private Limited Vs ITO (ITAT Kolkata) The ITAT Kolkata partly allowed the appeal filed by Radhakrishna Forex Private Limited for AY 2018-19 and remanded the matter back to the Commissioner of Income Tax (Appeals) for fresh adjudication on merits. The assessee had originally filed its return declaring total income of ₹1,85,170. During assessment proceedings, the Department found cash deposits of ₹61.76 crore and total credits of ₹62.42 crore in the assessee’s Bank of Baroda account, while the turnover disclosed in the return was ₹61.61 crore. The assessee explained ...