Deeposns (India) Pvt. Ltd. Vs. ACIT

Parties Involved

Facts Summary

The Assessee, Deeposns (India) Pvt. Ltd., filed a return of income declaring total income at Rs. 1,02,48,020/-. The case was selected for scrutiny through CASS, and statutory notices were issued. An assessment order was passed on 26/12/2019, making an addition of Rs. 4,21,34,712/- on account of underreporting of revenue and Rs. 56,65,000/- on account of cash deposits during demonetization to be taxed at a special rate u/s 115BBE of the Act. The income of the Assessee was computed at Rs. 5,80,47,732/-. Aggrieved by this order, the Assessee appealed to the Ld. CIT(A), whose order dated 30/04/2025 dismissed the appeal. The Assessee then filed the present appeal on the mentioned grounds.…

Legal Issues

• 1. Whether the Ld. CIT(A) erred in law by upholding additions without finding the books of account unreliable.
• 2. Whether the addition of Rs. 4,21,34,712/- for underreported revenue is valid.
• 3. Whether the addition of Rs. 56,65,000/- for cash deposits during demonetization is valid.
• 4. Whether Section 115BBE is applicable to the transaction prior to 01.04.2017.
• 5. Whether the Assessee was given sufficient opportunity to represent its case.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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