Bina Goenka The Jeweller LLP vs. Asst. CIT Circle-25(2)

Parties Involved

Facts Summary

The assessee, Bina Goenka The Jeweller LLP, filed an appeal against the order passed by the Commissioner of Income-tax (Appeals) for the assessment year 2017-18. The appeal was directed against the order dated 19.01.2024, which upheld the assessment order passed by the Assessing Officer. The assessee challenged the order on the grounds that the cash deposits of ₹ 34,50,000/- were genuine and not unexplained cash credit. The assessee argued that the cash sales were genuine and made during the Diwali festival, and the cash sales were recorded in the books of accounts. The Assessing Officer, however, treated the cash deposits as unexplained cash credit under section 68 of the Income-tax Act, 1961. The Tribunal, after hearing the arguments and reviewing the evidence, found that the cash sales were genuine and the cash deposits were satisfactorily explained by the cash sales. Therefore, the Tribunal allowed the appeal and dismissed the addition made by the Assessing Officer.…

Legal Issues

• 1. Whether the cash deposits of ₹ 34,50,000/- were genuine or unexplained cash credit?

Judgment Outcome

Decided in favour of Assessee.

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