Income Tax Officer, 4(1), New Delhi-110014. Vs. Bhasin Jewellers Private Limited

Parties Involved

Facts Summary

The assessee, Bhasin Jewellers Private Limited, is a private limited company engaged in trading gold and diamond jewellery. The return of income was filed on 26.09.2017 declaring a total income of Rs. 22,25,160/-. The assessment was scrutinized and completed on 31.12.2019 with a total income of Rs. 8,00,69,908/- after making additions of Rs. 2,48,21,500/- for cash deposits during demonetization and Rs. 5,30,23,248/- for adjustments as per ICDS. In the first appeal, the CIT(A) deleted the addition for cash deposits and directed the AO to verify certain facts regarding the ICDS adjustments. The revenue appealed against this order, challenging the deletion of the cash deposit addition.…

Legal Issues

• 1. Whether the ld. CIT(A) erred in not appreciating the test of Human probabilities as defined by the Hon’ble SC in the case CIT vs Sumati Dayal.
• 2. Whether the ld. CIT(A) erred in deleting the addition of Rs. 2,48,21,500/- without considering the lack of valid explanation for the cash deposits during demonetization.

Judgment Outcome

Decided in favour of Revenue.

Precedents Relied Upon

Similar Judgements

• Narendra Mohanlal Shah Vs. ITO Ward 42(1)(3), Range 431, Ward 42(1)(3), Kautilya Bhavan, Mumbai-400051

• Satya Pal Shiv Kumar Vs ACIT, Circle-47(1), New Delhi

  Delhi Bench benchAY 2017-18Allowed

• DCIT, Central Circle-19, New Delhi vs. Chawla Jewellers

  Delhi Bench benchAY 2017-18Dismissed

• Sudha Agarwal vs. Asst. CIT

  Delhi Bench 'G', New Delhi benchAY 2017-18Allowed

• Assistant Commissioner of Income Tax, Circle-27(2) Vs Yakult Danone India Private Limited

  Delhi Bench benchAY 2017-18Dismissed

• Sri Guru Thipperudraswamy Devasthana vs. The Income Tax Officer