NSEL Transactions Not Unexplained Money: ITAT Kolkata Upholds Deletion u/s 69A

ITO Vs Sanmukh Vincom Pvt. Ltd. (ITAT Kolkata) Recorded NSEL Transactions Aren’t Unexplained Money: ITAT Kolkata Upholds Deletion of ₹4.88 Cr u/s 69A Kolkata ITAT (Bench ‘D’) dismissed the Revenue’s appeal and upheld the CIT(A)’s deletion of ₹4.88 crore added u/s 69A on account of alleged unexplained money relating to NSEL transactions. The Tribunal noted that the Assessing Officer had wrongly treated outstanding receivables from earlier years’ NSEL trades as unexplained investment of the year, despite the fact that all transactions were duly recorded in the books of account an...