New Bhola Sons Jewellers Vs Income Tax Officer
Case No: ITA No. 5136/Del/2025
Court: Income Tax Appellate Tribunal, Delhi Bench ‘E’, New Delhi
Date: 1/15/2026
Parties Involved
appellantNew Bhola Sons Jewellers
respondentIncome Tax Officer, Ward-59(6), New Delhi-110002
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 a…
Decision in favour of
Assessee
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.
Precedents Relied Upon
1 precedent cited in this judgement.