S R Jewels vs. Income Tax Officer
Case No: ITA No. 5938/Mum/2025
Court: Income Tax Appellate Tribunal, Mumbai 'SMC' Bench
Date: 1/12/2026
Parties Involved
AppellantS R Jewels
RespondentIncome Tax Officer, Ward-34(3)(5)
Facts Summary
The assessee, S R Jewels, had filed its return of income declaring a total income of Rs. 60,050/-. During a search and seizure operation under section 132 of the Income Tax Act, it was found that the assessee was one of the beneficiaries of accommodation entries provided by Bhanwarlal Jain Group concern M/s. Impex Gems. Based on this information, the case of the assessee was reopened under section 147 of the Act. The Assessing Officer (AO) found that the assessee had obtained an accommodation lo…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the addition of Rs. 49,21,400/- as bogus purchases should be deleted.
- 2. Whether the addition in respect of Rs. 49,21,400/- should be restricted to 3% of the alleged bogus purchases.
Precedents Relied Upon
4 precedents cited in this judgement.