Punit Jain vs. Income Tax Officer, Ward 51(5)

Parties Involved

Facts Summary

The assessee, Punit Jain, is engaged in the business of trading gold ornaments under a sole proprietorship named M/s. Jain Jewellers. For the assessment year 2017-18, the assessee filed a return of income declaring a total income of Rs. 4,88,510/-. The case was selected under CASS to examine business expenses, TDS deductions, and cash deposits during the demonetization period. The Assessing Officer (AO) rejected the assessee's books of account and made additions totaling Rs. 6,84,85,000/- for cash deposits, Rs. 43,67,783/- for the difference between declared and estimated gross profit, and Rs. 49,65,065/- for alleged bogus expenditure. The assessee appealed these additions before the Commissioner of Income Tax (Appeals) (CIT(A)), who confirmed the AO's additions. The assessee now seeks to admit additional evidence and have the matter restored to the AO for re-examination.…

Legal Issues

• 1. Rejection of assessee's books of account and addition of Rs. 6,84,85,000/- for cash deposits.
• 2. Addition of Rs. 43,67,783/- for the difference between declared and estimated gross profit.
• 3. Disallowance of Rs. 49,65,065/- for alleged bogus expenditure.

Judgment Outcome

Decided in favour of Assessee.

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