AUM JEWELS,DELHI vs. ACIT,CENTRAL CIRCLE-28, DELHI

ITA 908/DEL/2025Status: DisposedITAT Delhi22 May 2026AY 2018-1927 pages
AI SummaryAllowed

What were the facts?

The assessee deposited a large sum of cash during the demonetization period. The Assessing Officer (AO) treated this cash as unexplained income, citing a lack of comparable cash deposits in prior and subsequent years and an unusual surge in turnover. The assessee claimed the cash was from sales, but the AO found the cash book and sales trend unconvincing.

What did the Tribunal hold?

The Tribunal held that the cash sales of Rs. 9,05,200/- recorded in the impounded book did not belong to the assessee firm but to an individual, Mrs. Rita Bagga, who had declared and paid taxes on this income. The AO had not made inquiries to negate the assessee's claim.

What were the issues?

Whether the cash deposits made by the assessee during the demonetization period were unexplained income, and whether sales recorded in a seized book belonged to the assessee firm or an individual.

Which sections of the Income-tax Act were involved?

Section 68,Section 115BE

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH, E: NEW DELHI

Before: SHRI RAJ KUMAR CHAUHAN & SHRI BRAJESH KUMAR SINGH

For Appellant: Ms. Vinita Shah, CA
For Respondent: Shri Ravi Kant, Choudhary, Sr. DR
Hearing: 16.03.2026Pronounced: 22.05.2026

PER BRAJESH KUMAR SINGH, AM,

These two appeals by the assessee are directed against the two separate orders of the Ld. Commissioner of Income Tax (Appeals)-29, New Delhi [hereinafter referred to as the ‘Ld. CIT(A)] both dated 24.12.2024 arising out of the respective Assessment Orders different dated 24.12.2019 and 30.09.2021 passed under section 143(3) of the Income Tax Act, 1961 (herein

The order continues below.

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