ITA No.7004/Mum/2025
Case No: 7004/Mum/2025
Court: Income Tax Appellate Tribunal, 'D' Bench, Mumbai
Date: 1/19/2026
Parties Involved
appellantIncome Tax Officer Ward 41(3)(1), Mumbai
respondentDahyalal Gagjibhai Jiwani
Facts Summary
The case involves an appeal by the Revenue against the order of the National Faceless Appeal Centre (NFAC), Delhi, which had allowed the appeal against the Assessment Order passed by the Assessing Officer. The Assessing Officer had made an addition of INR 10,63,03,637 in the income of the assessee under Section 68 of the Income Tax Act, 1961, due to an unexplained increase in the capital account balance from NIL in AY 2021-2022 to INR 27,05,32,933 in AY 2022-2023. The assessee, Dahyalal Gagjibha…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the Learned CIT(A) was justified in holding that the AO wrongly compared the total capital in assessee's personal balance sheet with assessee's capital in the firm M/s. Srusti Diam and treated the difference as unexplained u/s 68 of the I.T. Act, 1961.
- 2. Whether the Learned CIT(A) was justified in relying upon submission and unaudited books of accounts of the assessee.
1 more legal issue analysed in this judgement.
Precedents Relied Upon
2 precedents cited in this judgement.