ITA No.1635/Chny/2024 (AY 2017-18) M/s.ANS Gupta & Sons

Parties Involved

Facts Summary

The assessee, M/s.ANS Gupta & Sons, is a partnership firm engaged in the business of retailing gold and other precious jewellery in Salem. The firm filed its return of income for the Assessment Year 2017-18, declaring a total income of ₹1,82,35,770/-. The Assessing Officer (AO) issued a notice to the assessee to provide details of cash deposits in its bank account amounting to ₹3,30,35,500/-. The assessee explained that out of the total cash deposits, ₹99,20,000/- represented valid currency collected after the demonetization date of 09.11.2016, and ₹2,31,15,500/- represented cash on hand as on 08.11.2016, which was also sale-proceeds collected before demonetization. The AO doubted the explanation and added ₹2,31,15,500/- under section 69A of the Income Tax Act, 1961. The assessee appealed to the Commissioner of Income Tax (Appeals)/NFAC, Delhi, who deleted the addition, finding that the assessee had satisfactorily explained the source of the cash deposits. The Revenue appealed to the Income Tax Appellate Tribunal, which upheld the Commissioner's decision.…

Legal Issues

• 1. Whether the addition made by the AO under section 69A of the Income Tax Act, 1961 is justified.

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

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