ITA No. 3555/Del/2025 : Asstt. Year : 2017-18

Parties Involved

Facts Summary

The Revenue's appeal for Assessment Year 2017-18 arises against the CIT(A)/NFAC, Delhi’s order reversing the assessment findings dated 22.12.2019 treating the assessee’s entire cash deposits of Rs.4.72 crores as unexplained. The assessee, engaged in the business of retail selling of liquor, submitted that the cash deposits were part of its regular sales, reflected in the books of accounts maintained and audited by an auditor. The assessee provided financial statements, tax audit reports, and cash flow statements to support its claim. The assessee also argued that the Assessing Officer had accepted the books of accounts based on the tax audit report.…

Legal Issues

• 1. Correctness of the CIT(A)/NFAC’s action reversing the assessment findings treating the assessee’s entire cash deposits as unexplained.

Judgment Outcome

Decided in favour of Revenue.

Precedents Relied Upon

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