Naresh Bhojrajal Parwani vs. ACIT, Cir.3(1) Ahmedabad
Parties Involved
Facts Summary
The assessee, Naresh Bhojrajal Parwani, filed an appeal against the order passed by the Commissioner of Income Tax (Appeals) dated 15.05.2024 for the Assessment Year 2017-18. The assessee contested the addition made by the Assessing Officer under section 68 r.w.s. 115BBE of the Income Tax Act, 1961 amounting to Rs.31,72,000/-. The assessee argued that the cash deposited in the bank account was mainly from cash sales and was not unexplained. The assessee submitted various details including bank statements, sales records, and debtor realizations to support their claim. The Revenue argued that the cash deposited post-demonetization should be treated as unexplained income.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the Ld. CIT(A) erred in making addition u/s 68 r.w.s. 115BBE?
- 2. Whether the Ld. CIT(A) erred in not appreciating the remand report of the Assessing Officer?
- 3. Whether the Ld. CIT(A) erred in rejecting book results without justification?
- 4. Whether the Ld. CIT(A) erred in upholding the action of Assessing Officer under section 115BBE?
Judgment Outcome
Decided in favour of Assessee.
Similar Judgements
DCIT, Circle-1, Faridabad Vs. The Ballabhgarh Cooperative Milk Producers Union Ltd.
Delhi Bench benchAY 2016-17 & 2017-18DismissedIncome Tax Officer, C.R. Building, I.P. Estate, New Delhi-110002 Vs Mishka Exim limited, Flat No.-102, Plot no-10, First Floor, Chetan Complex, Central Market, Surajmal Vihar, Delhi 110092, PAN-AAJCM3435F
Delhi Bench benchAY 2017-18DismissedShri Rathi Steel (Dakshin) Limited Vs Assistant Commissioner of Income Tax, Central Circle-16, New Delhi-110055
Delhi Bench ‘F’, New Delhi benchAY 2017-18Partly AllowedITO vs M/s Ranyal Traders Pvt. Ltd.
Delhi Bench ‘G’, New Delhi benchAY 2017-18Partly AllowedDy. CIT, Aayakar Bhawan, Haryana, Karnal Vs. Nivaya Resources Pvt. Ltd.
Delhi Bench benchAY 2017Partly AllowedSuman Lata Lamba Vs Income Tax Officer, Ward-4, Hisar, Haryana-125001