Faqir Chand Lockers & Vaults Private Limited Vs. The DCIT, Central Circle 31
Case No: ITA No.1039/Del/2023
Court: INCOME TAX APPELLATE TRIBUNAL “B” BENCH, DELHI
Date: 1/21/2026
Parties Involved
appellantFaqir Chand Lockers & Vaults Private Limited
respondentThe DCIT, Central Circle 31
Facts Summary
This appeal is preferred by the Assessee, Faqir Chand Lockers & Vaults Private Limited, against the order dated 10.10.2023 of the Ld. CIT(A)-30, New Delhi. The case arises out of the order dated 04.05.2021 passed under section 143(3) of the Income Tax Act, 1961 by the ACIT, Central Circle-31 for AY: 2019-20. During a search at the assessee’s premises, 10 lockers were found without any KYC details, containing cash and jewellery worth Rs.4,83,09,558/-. The Assessing Officer observed that Ashok Kum…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the addition of Rs.17,00,000/- in the hands of the assessee is justified on a protective basis.
- 2. Whether the assessee has provided sufficient details and identity of the actual owners of the seized cash and jewellery to shift the onus.