https://www.taxtmi.com/caselaws?id=297884 The ITAT Kolkata upheld the CIT(A)'s decisions in a case involving additions made by the AO under Section 69A of the Income Tax Act. The first issue regarding the addition of Rs. 40 lakhs as undisclosed credit balance of DDs was deleted as the DDs were purchased from a disclosed account and reflected in financial statements. The second issue of adding Rs. 7.13 lakhs as undisclosed money was also deleted as the withdrawals were explained and not deemed unexplained money. The tribunal emphasized the significance of transparently disclosing transactions and fund sources in accounting records to prevent being categorized as undisclosed or unexplained money. en-us Fri, 22 Apr 2016 00:00:00 +0530 Wed, 29 Sep 2021 11:02:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297884 The ITAT Kolkata upheld the CIT(A)'s decisions in a case involving additions made by the AO under Section 69A of the Income Tax Act. The first issue regarding the addition of Rs. 40 lakhs as undisclosed credit balance of DDs was deleted as the DDs were purchased from a disclosed account and reflected in financial statements. The second issue of adding Rs. 7.13 lakhs as undisclosed money was also deleted as the withdrawals were explained and not deemed unexplained money. The tribunal emphasized the significance of transparently disclosing transactions and fund sources in accounting records to prevent being categorized as undisclosed or unexplained money. Case-Laws Income Tax Fri, 22 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297884