Varun Verma, M/s Ganpati Jewellers Vs. Dy. Commissioner of Income Tax Circle, Phagwara

Parties Involved

Facts Summary

The appellant, Varun Verma, is engaged in the business of jewellery as a trader and manufacturing jeweller under the trade name M/s Ganpati Jewellers, located at Nakodar, Punjab. The assessee filed a return of income declaring a total income of Rs. 8,15,490/-. The income was assessed at Rs. 1,62,72,402/- under section 143(3) of the Income Tax Act, 1961, which includes an addition of Rs. 1,24,912/- on account of difference in stock valuation and an addition of Rs. 1,53,32,000/- under the deeming provisions of the Act, being unexplained cash deposited in the bank during the demonetization period. The appellant filed an appeal against the order passed by the Commissioner of Income Tax (Appeals), which was decided on 12/09/2023.…

Legal Issues

• 1. Whether the Commissioner of Income Tax (Appeals) erred in passing the order in contravention of provisions of Section 250 of the Income Tax Act, 1961.
• 2. Whether the Commissioner of Income Tax (Appeals) erred in confirming the addition made by the Assessing Officer of Rs. 1,53,32,000/- by erroneously holding cash deposit in bank during the demonetization period as unexplained.
• 3. Whether the order passed by the Assessing Officer under section 143(3) and then by the Commissioner of Income Tax (Appeals) under section 250 deserves to be quashed since the same has been passed without affording reasonable opportunity of being heard to the appellant.

Judgment Outcome

Decided in favour of Assessee.

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