A Sirkar Co. Jewellers Pvt. Ltd. Vs. D.C.I.T., Circle - 12(1), Kolkata

Parties Involved

Facts Summary

This is an appeal preferred by the assessee, A Sirkar Co. Jewellers Pvt. Ltd., against the order of the National Faceless Appeal Centre, Delhi, dated 22.09.2023 for the Assessment Year 2017-18. The assessee filed the appeal with a delay of 266 days, for which a condonation petition was filed. The petition stated that the appellate order was sent to the email of the person concerned, but it was not accessed until the assessee was finalizing the accounts and accessed the IT website for reconciliation of Form 26 AS/AIS with the books of accounts. The delay was condoned as the reasons were found to be bonafide and sufficient. The assessee's counsel submitted that the assessment and appellate orders were passed ex-parte without considering the merits of the case. The addition was made by the Assessing Officer on account of unexplained money of ₹92,57,000/-, which was deposited during the demonetization period and added as unexplained cash credit under section 68 of the Act. The cash balance disclosed in the balance sheet in the return of income filed for A.Y. 2016-17, which was accepted by the AO under section 143(1) of the Act, was not taken into account by the AO.…

Legal Issues

• 1. Whether the assessment and appellate orders were passed ex-parte without considering the merits of the case.
• 2. Whether the addition of unexplained money was justified.

Judgment Outcome

Decided in favour of Assessee.

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