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…

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.

Precedents Relied Upon

1 precedent cited in this judgement.

Judgment Outcome