ITA No.4463/Del/2024

Parties Involved

Facts Summary

The case involves an appeal by the Revenue against the Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre [in short, the “CIT(A)/NFAC”], Delhi’s order dated 26.07.2024. The Revenue’s grievance is based on the CIT(A)/NFAC reversing the Assessing Officer’s action treating the assessee’s cash deposits during demonetization amounting to Rs. 1,76,55,000/- as unexplained. The assessee is a retailer of liquor and wine business in Punjab and Rajasthan, with a declared sales turnover of Rs.20,20,47,407/-.…

Legal Issues

• 1. Whether the CIT(A)/NFAC erred in law and on facts in reversing the Assessing Officer’s action treating the assessee’s cash deposits during demonetization as unexplained.
• 2. Whether the assessee should be assessed under section 115BBE.

Judgment Outcome

Decided in favour of Revenue.

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