https://www.taxtmi.com/caselaws?id=769213 The ITAT Kolkata allowed the assessee's appeal against addition of 2% of cash expenditure treated as unexplained expenditure u/s 68. The assessee, operating as Kachcha Arahtiya for jute mills on commission basis, had consistently followed the same accounting system for years with revenue accepting income in summary proceedings u/s 143(1). The CIT(A) confirmed the addition without proper reasoning, based on surmises and presumption. ITAT found no basis for the addition and directed the AO to delete it, deciding against revenue. en-us Tue, 11 Mar 2025 00:00:00 +0530 Tue, 22 Apr 2025 08:31:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769213 The ITAT Kolkata allowed the assessee's appeal against addition of 2% of cash expenditure treated as unexplained expenditure u/s 68. The assessee, operating as Kachcha Arahtiya for jute mills on commission basis, had consistently followed the same accounting system for years with revenue accepting income in summary proceedings u/s 143(1). The CIT(A) confirmed the addition without proper reasoning, based on surmises and presumption. ITAT found no basis for the addition and directed the AO to delete it, deciding against revenue. Case-Laws Income Tax Tue, 11 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769213