INCME TAX OFFICER 2(1), BHOPAL, BHOPAL vs. SWARNA SUKH, BHOPAL

ITA 691/IND/2024Status: DisposedITAT Indore31 July 2025AY 2017-1867 pages
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What did the Tribunal hold?

The Tribunal held that the assessee had discharged its initial onus under Section 68 by providing books of accounts, purchase and sale details, and stock registers. The spurt in sales was satisfactorily explained by auspicious festivals and the demonetization period.

What were the facts?

The assessee, a jeweller, reported significant cash sales during October and November 2016, coinciding with demonetization. The Assessing Officer (AO) found the spurt in sales and subsequent decline inconsistent and unsubstantiated by credible documents.

What were the issues?

Whether the assessee's explanation for a sudden increase in cash sales during the demonetization period was satisfactory, and if the AO erred in treating these sales as unexplained income under Section 68.

Which sections of the Income-tax Act were involved?

Section 68

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Cases cited in this judgment(2)Show list

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Income Tax Appellate Tribunal, INDORE BENCH, INDORE

Before: SHRI BHAGIRATH MAL BIYANI & SHRI PARESH M JOSHI

Per Paresh M Joshi, J.M.: This is an appeal filed by the Revenue Under Section 253 of the Income Tax Act, 1961 (hereinafter referred to as the "Act" for sake of brevity) before this Tribunal. The Revenue is aggrieved by the order bearing Number ITBA/NFAC/S/250/2024-25/1066827989(1) dated 19.07.2024 passed by Ld. CIT(A) u/s 250 of the Act which is hereinafter referred to as the “Impugned order". The relevant Assessment Year is 2017-18 and the corresponding previous year period is from 01.04.2016 to 31.03.2017. 2. FACTUAL MATRIX

2.

1 That the assessee is a jeweller and deals in trading of the gold and the diamond jewellery. The assessee

The order continues below.

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