KIRAN FINE JEWELLERS PRIVATE LIMITED,JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2,, JAIPUR

ITA 648/JPR/2024Status: DisposedITAT Jaipur25 February 2025AY 2017-18Bench: DR. S. SEETHALAKSHMI (Judicial Member)36 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the cash deposits made during demonetization could not be added under Section 68 as unexplained cash credit. It also directed the deletion of the addition of Rs. 6,30,00,000/- as unexplained money under Section 69A, considering it as business income already taxed in another entity's assessment.

What were the facts?

The assessee challenged the rejection of its books of accounts and the addition of cash deposits made during demonetization as unexplained income. The assessee also disputed the classification of Rs. 6,30,00,000/- as undisclosed income and the application of Section 115BBE.

What were the issues?

Whether cash deposits during demonetization and a specific sum of Rs. 6.30 crores were correctly treated as unexplained income and whether Section 115BBE was applicable.

Which sections of the Income-tax Act were involved?

Section 145(3),Section 68,Section 69A,Section 115BBE,Section 153A

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

Before: DR. S. SEETHALAKSHMI, JM & SHRI RATHOD KAMLESH JAYANTBHAI, vk;dj vihy la-@ITA No. 648/JP/2024

For Appellant: CA &, CA jktLo dh vksj ls@
Hearing: 03/02/2025Pronounced: 25/02/2025

PER: DR. S. SEETHALAKSHMI, J.M.

By way of the present appeal the above named assessee challenges the order of the Commissioner of Income Tax (Appeals)-4, Jaipur dated 02/02/2024 [here in after ld. CIT(A) ] for assessment year 2017-18. The said order of the ld. CIT(A) arises because the assessee challenged the order of the assessment dated 31.12.2019 passed under section 143(3)

2 Ki

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