ACIT, Circle-1(1) vs Amba Jewellers Pvt. Ltd.

Parties Involved

Facts Summary

The appellant company, Amba Jewellers Pvt. Ltd., is engaged in the business of trading and manufacturing of jewelry. The case pertains to the assessment year 2017-18. The Assessing Officer made additions under Section 68 and Section 40A(3) of the Income Tax Act, 1961. The assessee challenged these additions before the CIT(A)/NFAC, which partly accepted the assessee's case. The Revenue and the assessee have filed cross-appeals before the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Addition of Rs.1,50,21,473/- under Section 68 of the Income Tax Act, 1961.
• 2. Disallowance of Rs.76,51,067/- under Section 40A(3) of the Income Tax Act, 1961.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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