New Bhola Sons Jewellers Vs Income Tax Officer

Parties Involved

Facts Summary

The assessee, New Bhola Sons Jewellers, a firm engaged in the jewellery business, had cash deposits amounting to Rs.73,30,000/- during demonetization. The assessee claimed that these deposits were from cash in hand in the jewellery business amounting to Rs.73,15,468/- as on 09.01.2016 and from cash sales from April 2016 to March 2017. However, the assessee could not satisfactorily prove these claims to the lower authorities. The assessee’s appeal challenges the treatment of these cash deposits as unexplained income.…

Legal Issues

• 1. Whether the cash deposits of Rs.73,30,000/- during demonetization should be treated as unexplained income.
• 2. Whether the assessee should be assessed under Section 115BBE.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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