Unexplained Money Addition Quashed as Transactions Were Conducted on Behalf of Bank

Baidyanath Dutta Vs ITO (ITAT Kolkata) The appeal was filed by the assessee against the order of the National Faceless Appeal Centre, Delhi, for Assessment Year 2020-21. The dispute related to the addition of ₹2,31,00,415 as unexplained money under Section 69A of the Income-tax Act and an addition of ₹4,23,420 treated as unexplained income. The assessee was a business correspondent of Bank of India. Based on information received through the Insight Portal under the e-verification scheme, 2021, the Assessing Officer reopened the assessment under Sections 147 and 148 of the Act. During the p...