ITA No.2625/Mum/2024 Ziva Jewellery Private Limited
Case No: ITA No.2625/Mum/2024
Court: INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH
Date: 9/23/2024
Parties Involved
appellantZiva Jewellery Private Limited
respondentThe Assistant Commissioner of Income-tax,Circle 3(3)(1), Mumbai
Facts Summary
The assessee, Ziva Jewellery Private Limited, filed its return of income on 29/10/2017 declaring total income at Rs.57,77,270/-. The Assessing Officer (AO) determined the total income at Rs.3,74,74,267/- and made an addition of Rs.3,16,97,000/- under section 115BBE on account of deposit of specified notes during demonetization period. The assessee filed an appeal against the order of the Commissioner of Income Tax (Appeals), which was dismissed. The assessee further appealed to the Income Tax Appellate Tribunal (ITAT). The Tribunal set aside the addition made by the AO and allowed the appeal.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the Commissioner of Income Tax (Appeals) erred in upholding the Assessment Order passed by the Assessing Officer?
- 2. Whether the addition made by the Assessing Officer under section 68 of the Act is sustainable?
Judgment Outcome
Decided in favour of Assessee.