Gandaram & Sons Jewellers Pvt Ltd Vs. The A.C.I.T.

Parties Involved

Facts Summary

The assessee, Gandaram & Sons Jewellers Pvt Ltd, filed its return of income for the year 2017-18 declaring a total income of Rs. 42,56,460/-. The case was selected for scrutiny through CASS. During the assessment proceedings, the Assessing Officer noticed that the assessee had made cash deposits of Rs. 3,71,42,500/- in its bank account during the demonetization period (09.11.2016 to 30.12.2016). As the assessee could not explain the nature and source of Rs. 2,79,01,079/-, an addition of Rs. 2,25,68,159/- (after giving credit of Rs. 53,32,920/- declared under the Income Declaration Scheme, 2016) was made under section 68 of the Act. The assessee appealed before the CIT(A), which upheld the Assessing Officer's action. The assessee then appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Addition of Rs. 2,25,68,159/- made by the Assessing Officer on account of unexplained cash deposit u/s 68 of the Act.
• 2. Levy of tax at a higher rate under section 115BBE of the Act.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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