Sh. Manoj Kumar Verma, Prop. MD Jewellers Vs. NFAC

Parties Involved

Facts Summary

The assessee, Sh. Manoj Kumar Verma, Prop. MD Jewellers, filed an appeal against the order of the Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre [CIT(A)/NFAC], Delhi, dated 25.07.2024. The appeal pertains to the assessment year 2017-18 under section 143(3) of the Income-tax Act, 1961. The assessee did not appear for the hearing, and the case was proceeded ex-parte. The Department, represented by Ms. Ankush Kalra, argued that the lower authorities correctly treated the assessee’s cash deposits of Rs.92 lakhs and unsecured loans of Rs.17 lakhs under sections 69A and 68 of the Act, respectively. The assessee had admitted total sales in the jewellery business amounting to Rs.8.69 crores, Rs.9.16 crores, and Rs.14.99 crores for the financial years 2015-16, 2016-17, and 2017-18, respectively.…

Legal Issues

• 1. Treatment of cash deposits of Rs.92 lakhs under section 69A of the Act
• 2. Treatment of unsecured loans of Rs.17 lakhs under section 68 of the Act
• 3. Quantification of the impugned additions
• 4. Assessment under section 115BBE

Judgment Outcome

Decided in favour of Revenue.

Precedents Relied Upon

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