https://www.taxtmi.com/caselaws?id=756262 The ITAT Kolkata set aside an addition of 21% made by the AO for alleged unexplained deposits based on differences between bank statement deposits and book accounts. The tribunal found the AO erred in matching net decrease in loans and advances from balance sheet with bank statement credits/receipts. Since no actual difference existed as claimed by the AO in the assessment order framed after PCIT directions, the CIT(Appeals) finding was overturned and the addition under section 143(3) was deleted. The assessee's appeal was allowed. en-us Mon, 22 Jul 2024 00:00:00 +0530 Tue, 30 Jul 2024 10:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756262 The ITAT Kolkata set aside an addition of 21% made by the AO for alleged unexplained deposits based on differences between bank statement deposits and book accounts. The tribunal found the AO erred in matching net decrease in loans and advances from balance sheet with bank statement credits/receipts. Since no actual difference existed as claimed by the AO in the assessment order framed after PCIT directions, the CIT(Appeals) finding was overturned and the addition under section 143(3) was deleted. The assessee's appeal was allowed. Case-Laws Income Tax Mon, 22 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756262