PEEYUSH AGARWAL,JAIPUR, RAJASTHAN vs. ITO, WARD 1(5), JAIPUR, JAIPUR, RAJASTHAN

ITA 488/JPR/2025Status: DisposedITAT Jaipur19 August 2025AY 2017-18Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI GAGAN GOYAL (Accountant Member)31 pages
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What did the Tribunal hold?

The Tribunal held that the AO failed to provide concrete evidence to prove the sales were bogus. The Tribunal also noted that the sales were already offered to tax in the trading account and could not be taxed again under Sections 68 or 69A.

What were the facts?

The assessee, a jeweler, declared sales and deposited a significant amount of demonetized currency in his bank account. The Assessing Officer (AO) observed abnormal increases in cash sales and deposits, leading to the rejection of books of accounts and addition of sales as unexplained income.

What were the issues?

Whether the demonetized currency deposits and corresponding sales were genuine, and if the AO was justified in treating them as bogus income.

Which sections of the Income-tax Act were involved?

Section 145(3),Section 68,Section 69A,Section 115BBE

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Income Tax Appellate Tribunal, JAIPUR BENCHES,”B” JAIPUR

Before: DR. S. SEETHALAKSHMI, JM & SHRI GAGAN GOYAL, AM vk;dj vihy la-@ITA No. 488/JPR/2025

Hearing: 11/08/2025

PER: DR. S. SEETHALAKSHMI, J.M. By way of present appeal, the assessee challenges the finding of Ld. Commissioner of Income Tax, Jaipur-4, Jaipur [ for short CIT(A)] in the order dated 28.02.2025 passed u/s 250 of Income Tax Act for Assessment Year 2017-18 which in turn arises from the assessment order dated 28.12.2019 passed u/s 143(3) of the Act, by the Income Tax Officer, Ward 1(5), Jaipur.

2 Peeyush Agarwal, Jaipur.

2.

The assessee raised this appea

The order continues below.

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