BALAJI JEWELLERS ,JAIPUR vs. ACIT CC -4, JAIPUR

ITA 433/JPR/2023Status: DisposedITAT Jaipur04 January 2024AY 2018-19Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)1 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the cash receipts represented sales that were rightly offered for taxation by the assessee. The Tribunal found no defect in the stock or sales and noted that the AO had not reduced the sales from the turnover. Therefore, the addition made by the AO was deleted.

What were the facts?

During a search and seizure operation, cash of Rs. 90.83 lacs was found at the business premises of Balaji Jewellers. The assessee claimed the cash was from sales recorded in their books of accounts. However, the Assessing Officer (AO) noted discrepancies in the maintenance of books and the absence of supporting evidence for sales.

What were the issues?

The primary issue was whether the cash found during the search represented undisclosed income or was from recorded sales. The validity of the AO's rejection of books of account and subsequent additions under Section 68 and Section 145(3) was also examined.

Which sections of the Income-tax Act were involved?

Section 132,Section 143(3),Section 68,Section 145(3),Section 115BBE,Section 234A,Section 234B,Section 234C

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

Before: SHRI SANDEEP GOSAIN, JM & SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;djvihy la-@ITA No. 433/JP/2023

Hearing: 10/10/2023

PER: SANDEEP GOSAIN, JM The assessee has filed an appeal against the order of the ld. CIT(A)-5, Jaipur dated 12-07-2023, or the assessment year 2018-19 wherein the assessee has raised following grounds of appeal.

1.

The impugned Assessment Order U/s 143(3) dated 30/12/2019 as well as the Notices issued Notice issued are illegal, bad in law and on the facts of the case for want of juri iction, b

The order continues below.

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