ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1(3), SURAT, SURAT vs. AKSHAR GEMS, SURAT

ITA 1028/SRT/2025Status: DisposedITAT Surat27 July 2026AY 2017-1811 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s decision to delete the additions. The assessee had provided sufficient documentary evidence to prove the genuineness of the transactions, and the Assessing Officer failed to bring any material on record to prove otherwise.

What were the facts?

The revenue appealed against the deletion of additions made under Section 68 for unexplained credits. The assessee had purchased diamonds from Shah Traders and Nilay Enterprises, which the Assessing Officer deemed paper concerns providing accommodation entries.

What were the issues?

Whether the CIT(A) erred in deleting additions made under Section 68 for unexplained credits when the assessee provided documentary evidence of genuine business transactions.

Which sections of the Income-tax Act were involved?

Section 68,Section 147,Section 148,Section 143(1),Section 143(2),Section 142(1)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, SURAT BENCH, SURAT

Before: Shri T. R. Senthil Kumar & Shri Ratnesh Nandan Sahay

For Appellant: Shri Tinish Mody, C.A
For Respondent: Ms. Neerja Sharma, Sr.DR
Hearing: 07/05/2026Pronounced: 27/07/2026

PER: RATNESH NANDAN SAHAY, AM:

1.

These are the appeals filed by the revenue against the separate orders of the National Faceless Appeal Centre (NFAC), Delhi [In short, ‘the ld. CIT(A)’] both dated 08/07/2025 for the assessment years (AY) 2014-15 and 2017-18 respectively. Both these appeals have common facts and grounds, therefore, both were clubbed and heard together and being decided by this common order. In ACIT Vs Akshar Gems. ITA No. 1027/Srt/2025 for the A.Y. 2014-15, the revenue has raised following grounds of appeal: "(i) On the facts and circumstances of the case and in law, the Ld.CIT(A

The order continues below.

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