Income Tax Officer, New Delhi. Vs. Bimal Jewellers, Delhi.
Parties Involved
Facts Summary
The case involves Bimal Jewellers, engaged in the business of sale and purchase of gold, which deposited cash amounting to Rs. 2,19,60,000/- in its bank accounts during the demonetization period, out of which Rs. 1,97,00,000/- was deposited in two accounts maintained with HDFC Bank and Bank of Baroda. The Assessing Officer (AO) made an addition of Rs. 1,63,57,462/- under section 68 of the Act, alleging lack of genuineness in the cash sales made from 01.10.2016 to 08.11.2016. The First Appellate Authority (CIT(A)) deleted this addition after a comprehensive analysis.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the addition of Rs. 1,63,57,462/- made by the AO under section 68 of the Act was justified.
Judgment Outcome
Decided in favour of Assessee.
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