THE INCOME TAX OFFICER, WARD-1, VIZIANAGARAM vs. SRI GOVINDA JEWELLERS, VIZIANAGARAM

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ITA 44/VIZ/2021Status: HeardITAT Visakhapatnam14 June 2022AY 2017-1812 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the addition of unaccounted sales was not required as the sales were already accounted for in the books. It also held that taxing the gross profit on these sales would amount to double taxation.

What were the facts?

During a survey, the assessee jewellery firm admitted to unexplained purchases and unaccounted sales. However, in its return, the firm admitted to a lower amount of income than what was stated during the survey.

What were the issues?

Whether the addition of unaccounted sales and gross profit on such sales amounts to double taxation, and whether the admission of additional grounds by the CIT(A) was justified.

Which sections of the Income-tax Act were involved?

Section 133A,Section 139(5)

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Income Tax Appellate Tribunal, VISAKHAPATNAM BENCH, VISAKHAPATNAM

Before: SHRI DUVVURU RL REDDY, HON’BLE & SHRI S BALAKRISHNAN, HON’BLE

Hearing: 30/05/2022

Heard together (2 matters)

I.T.A. No.44/Viz/2021
C.O. No.35/Viz/2021

Read from the judgment's own cause title. This page is filed under one of them.

आदेश की प्रतिलिपि अग्रेपिि/Copy of the order forwarded to:- ननधधाररती/ The Assessee – Sri Govinda Jewellers, 8-1-56, 57, Main 1. Road, Vizianagaram – 535002. रधजस्व/The Revenue – Income Tax Officer, Ward-1, Koppuguranna 2. Building, Siddarth Nagar, Vizianagaram-535003. 3. The Principal Commissioner of Income Tax-1, Visakhapatnam. आयकर आयुक्त (अऩीऱ)/ The Commissioner of Income Tax (Appeals)-1, 4. Visakhapatnam. ववभधगीय प्रनतननधध, आयकर अऩीऱीय अधधकरण, ववशधखधऩटणम/ DR, ITAT, 5. Visakhapatnam गधर्ा फ़धईऱ / Guard file 6.

आदेशधनुसधर / BY ORDER

Sr. Private Secretary ITAT, Visakhapatnam

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