BIJAY KUMAR,RANCHI, JHARKHAND vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 3, RANCHI, RANCHI, JHARKHAND

ITA 345/RAN/2024Status: DisposedITAT Ranchi21 April 2026AY 2017-184 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The tribunal directed the addition for stock shortage to be calculated based on the assessee's disclosed GP rate of 21.58%. The additions for demonetized currency and jewellery received for modification were deleted as the assessee provided sufficient evidence.

What were the facts?

During a survey, a stock shortage of Rs. 52,00,154 was found and treated as income by the AO. The assessee also deposited Rs. 40,89,000 of demonetized currency and Rs. 6,87,203 worth of jewellery received for modification was added to income.

What were the issues?

Whether stock shortage, demonetized currency deposits, and jewellery received for modification constitute undisclosed income.

Which sections of the Income-tax Act were involved?

Section 115BBE

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, RANCHI BENCH, RANCHI

Before: S/SHRI GEORGE MATHAN & RATNESH NANDAN SAHAY

For Appellant: Shri P.S.Paul, CA
For Respondent: Shri Kailash V Gautam, Sr. DR
Hearing: 21/04/2026Pronounced: 21/04/2026

Per Bench This is an appeal filed by the assessee against the order of the ld CIT(A), NFAC, Delhi dated 25.6.2024 in Appeal No.CIT(A), Ranchi/10773/2019-20 for the assessment year 2017-18. 2. Shri P.S.Paul, ld AR appeared for the assessee and Shri Kailash V Gautam, ld Sr DR appeared for the revenue.

3.

It was submitted by ld. AR that there was a survey on the premises of the assessee on 17.11.2016. It was the submission that in the course of survey, it was noticed that the Books of Account of the assessee were incomplete. It was the submission that in the course of survey, there was shortage of stock of Rs.

P a g e 1 | 4 Assessment Year : 2017-18

52,00,154/- which has been treated a

The order continues below.

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