ITO., WARD -6(1), HYDERABAD vs. SIDHI JEWELLERS, HYDERABAD

ITA 755/HYD/2024Status: DisposedITAT Hyderabad25 February 2025AY 2017-18Bench: SHRI LALIET KUMAR, HON'BLE (Judicial Member), SHRI G. MANJUNATHA, HON'BLE (Accountant Member)1 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s decision to treat deficit stock as unaccounted sales and sustained the estimation of profit at 6.31% based on the assessee's own declared gross profit. The Tribunal also upheld the sustained additions towards unexplained cash deposits.

What were the facts?

The assessee's assessment was reopened based on large cash deposits in a bank account not disclosed in the return. The Assessing Officer treated these deposits as unaccounted sales and estimated income. The CIT(A) allowed a portion of the deposits as unaccounted sales but sustained additions on deficit stock found during a survey.

What were the issues?

Whether the reassessment proceedings were validly initiated and whether the deficit stock and unexplained cash deposits constitute unaccounted sales and income, respectively.

Which sections of the Income-tax Act were involved?

Section 147,Section 148,Section 148A,Section 69A,Section 133(6),Section 139(4)

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Cases cited in this judgment(2)Show list

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Income Tax Appellate Tribunal, HYDERABAD BENCHES “A” , HYDERABAD

Before: SHRI LALIET KUMAR, HON’BLE & SHRI G. MANJUNATHA, HON’BLE

For Respondent: Shri B. Bala Krishna, CIT-DR
Hearing: 12/02/2025

PER MANJUNATHA, G. A.M.

These cross-appeals filed by the assessee, as well as the Revenue are directed against, the separate orders passed by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Hyderabad, even dated 10.06.2024 and pertains to assessment years 2015

The order continues below.

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