Jaimin Jewellery Exports Private Limited vs. ACIT

Parties Involved

Facts Summary

The assessee, Jaimin Jewellery Exports Private Limited, is a partnership firm engaged in the import and export of diamond studded, gold, imitation jewellery, and loose diamonds. The firm filed its income return for the Assessment Year 2008-09, declaring a total income of Rs. 2,48,82,070. The case was selected for scrutiny, and a notice was issued under sections 143(2) and 142(1) of the Income Tax Act. A survey was conducted under section 133A, resulting in the assessee declaring additional income of Rs. 1,36,74,755 due to unaccounted cash purchases and excess physical stock. The Assessing Officer passed an assessment order on 28.12.2010, which was upheld by the Commissioner of Income Tax (Appeals) on 08.11.2019. The assessee filed an appeal against this order, challenging the addition and the delay in filing the appeal.…

Legal Issues

• 1. Whether the addition of Rs.93,54,732/- for excess physical stock was justified.
• 2. Whether the addition of Rs.43,20,023/- for cash purchases was justified.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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