Gordhandas Nandkishore Jewellers, Jaipur. vs. Revenue

Parties Involved

Facts Summary

The assessee, a partnership firm engaged in the business of manufacturing and sale of jewellery items, filed its return of income for the assessment year 2017-18 along with computation of income and audited financial statements. The Income Tax Officer (AO) made additions of Rs. 70,46,965/- on account of cash deposited in the bank account during the demonetization period. The assessee appealed to the Commissioner of Income Tax (Appeals) at the National Faceless Appeal Centre (NFAC), Delhi, who deleted the addition. The revenue appealed to the Income Tax Appellate Tribunal (ITAT), Jaipur, challenging the deletion of the addition. The ITAT upheld the deletion of the addition by the ld. CIT (A), NFAC.…

Legal Issues

• 1. Whether the Ld. CIT (A), NFAC is justified in deleting the addition of Rs. 70,46,965/- made by AO under section 68 of the IT Act.

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

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