DCIT-3(1), BHOPAL, BHOPAL vs. MANIDHARI JEWELLERS, BHOPAL

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ITA 533/IND/2024Status: DisposedITAT Indore09 May 2025AY 2017-18Bench: BHAGIRATH MAL BIYANI (Accountant Member), SHRI PARESH M JOSHI (Judicial Member)1 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the AO made the addition based on presumptions and without conclusive evidence. The surrender made by M/s R.B. Enterprises was not directly linked to purchases from the assessee, and no direct nexus was established between the assessee and the alleged unaccounted cash.

What were the facts?

The Revenue appealed against an order that deleted an addition of Rs. 2,34,50,000 made to the assessee's income. The addition was based on transactions with M/s R.B. Enterprises during the demonetization period, which the Assessing Officer (AO) considered bogus.

What were the issues?

Whether the addition made under Section 68 was based on sufficient evidence or mere presumptions, and whether the AO conducted an independent inquiry to establish the genuineness of the transactions.

Which sections of the Income-tax Act were involved?

Section 68,Section 147,Section 148,Section 143(3)

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Income Tax Appellate Tribunal, INDORE BENCH, INDORE

For Appellant: Shri Yashwant Sharma, AR
For Respondent: Shri Ashish Porwal, Sr. DR
Hearing: 01.05.2025Pronounced: 09.05.2025

5.2 In result Revenue’s appeal is dismissed and impugned order is upheld.

Order pronounced in open court on 09.05.2025.

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