Principal Commissioner of Income Tax v. Deccan Jewellers Ltd.

438 ITR 131High Court2021#3482 most cited

What is Principal Commissioner of Income Tax v. Deccan Jewellers Ltd. authority for?

Excess stock found during a survey or search, where the assessee explains it as a result of suppressed business profits over the years, is assessable as business income and not as an undisclosed investment under section 69. A possible view taken by the Assessing Officer cannot be a subject matter of revision under section 263.

34

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2022 to 2025.

Also referred to as

PCIT vs Deccan Jewellers Ltd. · excess stock · business income · undisclosed investment · section 69 · section 263 · revision · prejudicial to interest of revenue · survey · search

Sections most often in play

Section 143(3)Section 142(1)Section 263Section 115BBESection 69BSection 153CSection 143(2)Section 41(1)

Issues it is cited on

section 40(b)set off of lossessection 71abatement of assessmentsection 69dsection 153a proceedingsprejudicial to interest of revenuepreponderance of probabilitysection 69bthird party informationsurvey under section 133asection 158bd

Judgments citing Principal Commissioner of Income Tax v. Deccan Jewellers Ltd.

Sunita Khandelwal, Mumbai vs. PCIT-Central -1, Mumbai

In the result, the grounds of appeal raised by the assessee are allowed

ITA 3541/MUM/2025[2019-20]Status: DisposedITAT Mumbai23 Dec 2025AY 2019-20

Bench: Shri Saktijit Dey & Shri Jagadish

For Appellant: Shri Ajay R. Singh &For Respondent: Shri Arun Kanti Datta – CIT(DR)
Section 132Section 142(1)Section 143(3)Section 153CSection 263

…ntral)  PCIT vs. Britannia Industires Ltd. [2023] 453 ITR 576 (Calcutta)(HC)  PCIT vs. Shree Gayatri Associates [2019] 263 Taxman 673 (Guj.)(HC)  PCIT vs. SN Tradelink (P.) Ltd. [2022] 145 taxmann.com 73 (Gujarat)  PCIT vs. Deccan Jewellers P. Ltd. [2021] 438 ITR 131 (AP)  DIT vs. Jyoti Foundation 357 ITR 388 (Del)  CIT vs. Reliance Communication Ltd. [2016] 240 Taxman 655 (Bom)  Shri Devan Gandhi vs. PCIT (in ITA No. 3745 & 3746/Mum/2016, dated 21.11.2017)(Mum-Trib) 7. The ld. Departmental Representative (ld. DR for short) strongly relying upon the observations of ld. PCIT in the order passed u/s. 263 of…

Sunita Khandelwal, Mumbai vs. PCIT (Central)-1, Mumbai

In the result, the grounds of appeal raised by the assessee are allowed

ITA 3540/MUM/2025[2018-19]Status: DisposedITAT Mumbai23 Dec 2025AY 2018-19

Bench: Shri Saktijit Dey & Shri Jagadish

For Appellant: Shri Ajay R. Singh &For Respondent: Shri Arun Kanti Datta – CIT(DR)
Section 132Section 142(1)Section 143(3)Section 153CSection 263

…ntral)  PCIT vs. Britannia Industires Ltd. [2023] 453 ITR 576 (Calcutta)(HC)  PCIT vs. Shree Gayatri Associates [2019] 263 Taxman 673 (Guj.)(HC)  PCIT vs. SN Tradelink (P.) Ltd. [2022] 145 taxmann.com 73 (Gujarat)  PCIT vs. Deccan Jewellers P. Ltd. [2021] 438 ITR 131 (AP)  DIT vs. Jyoti Foundation 357 ITR 388 (Del)  CIT vs. Reliance Communication Ltd. [2016] 240 Taxman 655 (Bom)  Shri Devan Gandhi vs. PCIT (in ITA No. 3745 & 3746/Mum/2016, dated 21.11.2017)(Mum-Trib) 7. The ld. Departmental Representative (ld. DR for short) strongly relying upon the observations of ld. PCIT in the order passed u/s. 263 of…

Sunita Khandelwal, Mumbai vs. PCIT(Central)-1, Mumbai

In the result, the grounds of appeal raised by the assessee are allowed

ITA 3539/MUM/2025[2016-17]Status: DisposedITAT Mumbai23 Dec 2025AY 2016-17

Bench: Shri Saktijit Dey & Shri Jagadish

For Appellant: Shri Ajay R. Singh &For Respondent: Shri Arun Kanti Datta – CIT(DR)
Section 132Section 142(1)Section 143(3)Section 153CSection 263

…ntral)  PCIT vs. Britannia Industires Ltd. [2023] 453 ITR 576 (Calcutta)(HC)  PCIT vs. Shree Gayatri Associates [2019] 263 Taxman 673 (Guj.)(HC)  PCIT vs. SN Tradelink (P.) Ltd. [2022] 145 taxmann.com 73 (Gujarat)  PCIT vs. Deccan Jewellers P. Ltd. [2021] 438 ITR 131 (AP)  DIT vs. Jyoti Foundation 357 ITR 388 (Del)  CIT vs. Reliance Communication Ltd. [2016] 240 Taxman 655 (Bom)  Shri Devan Gandhi vs. PCIT (in ITA No. 3745 & 3746/Mum/2016, dated 21.11.2017)(Mum-Trib) 7. The ld. Departmental Representative (ld. DR for short) strongly relying upon the observations of ld. PCIT in the order passed u/s. 263 of…

Sunita Khandelwal, Mumbai vs. PCIT(Central)-1, Mumbai

In the result, the grounds of appeal raised by the assessee are allowed

ITA 3451/MUM/2025[2015-16]Status: DisposedITAT Mumbai23 Dec 2025AY 2015-16

Bench: Shri Saktijit Dey & Shri Jagadish

For Appellant: Shri Ajay R. Singh &For Respondent: Shri Arun Kanti Datta – CIT(DR)
Section 132Section 142(1)Section 143(3)Section 153CSection 263

…ntral)  PCIT vs. Britannia Industires Ltd. [2023] 453 ITR 576 (Calcutta)(HC)  PCIT vs. Shree Gayatri Associates [2019] 263 Taxman 673 (Guj.)(HC)  PCIT vs. SN Tradelink (P.) Ltd. [2022] 145 taxmann.com 73 (Gujarat)  PCIT vs. Deccan Jewellers P. Ltd. [2021] 438 ITR 131 (AP)  DIT vs. Jyoti Foundation 357 ITR 388 (Del)  CIT vs. Reliance Communication Ltd. [2016] 240 Taxman 655 (Bom)  Shri Devan Gandhi vs. PCIT (in ITA No. 3745 & 3746/Mum/2016, dated 21.11.2017)(Mum-Trib) 7. The ld. Departmental Representative (ld. DR for short) strongly relying upon the observations of ld. PCIT in the order passed u/s. 263 of…

Worldview Education Services Private Lmited, Hyderabad vs. ITO., Ward-17(1), Hyderabad

In the result, appeal of the Assessee is allowed

ITA 1056/HYD/2025[2021-22]Status: DisposedITAT Hyderabad19 Dec 2025AY 2021-22

Bench: Shri Vijay Pal Rao & Shri Manjunatha G.आ.अपी.सं /Ita No.1056/Hyd/2025 Assessment Year 2021-2022 Worldview Education Services Private Limited, The Income Tax Officer, Vs. Hyderabad – 500 016. Ward-17(1), Telangana. Hyderabad. Pan Aaacw9480F (Appellant) (Respondent) िनधा"रती "ारा /Assessee By: Ca C. Maheshwar Reddy राज" व "ारा /Revenue By: G Saratha, Sr. Ar सुनवाई की तारीख/Date Of Hearing: 27.11.2025 घोषणा की तारीख/Pronouncement: 19.12.2025 आदेश/Order

For Appellant: CA C. Maheshwar ReddyFor Respondent: G Saratha, Sr. AR
Section 143(3)Section 263Section 37

…ommissioner to Income-tax vs. Gabriel India Ltd. [1993] 71 Taxman 585 (Bombay); 4. India Research and Development (P) Ltd vs Add. CIT and Others 445 ITRI 83 (Kar.-HC); 5. CIT vs. Sunbeam Auto Ltd. 332 ITR 167 (Del.-HC); 6. Pr. CIT vs. Deccan Jewellers P. Ltd. 438 ITR 131 (AP- HC); 7. D. Pedda Reddaiah vs. ITO, dated 30.04.2020 (ITAT, Hyd. Tribu); 8. CIT vs. M. Chandra Sekhar 151 ITR 433 (SC). 9. CIT vs. Mulchand Bagri (108 CTR 206 Cal.). 10. CIT vs. D P Karai (266 ITR 113 Guj); 9 ITA.No.1056/Hyd./2025 11. Paul Mathews vs. CIT (263 ITR 101 Ker); 12. Malabar Industrial Co. Ltd. vs. Commissioner of Income-tax [200…

Mridul Shashikant Khandelwal, Mumbai vs. PCIT(Central)-1, Mumbai

In the result, the grounds of

ITA 3645/MUM/2025[2020-21]Status: DisposedITAT Mumbai11 Nov 2025AY 2020-21

Bench: Shri Pawan Singh& Shri Arun Khodpia

Section 143(3)Section 153CSection 153DSection 254(1)Section 263

…(Calcutta) (HC)  PCIT vs Shree Gayatri Associates (2019) 263 Taxman 673 (Guj) (HC)  PCIT vs Shreeji Prints (P) Ltd. (2021) 130 Taxman.com 294 (SC)  PCIT vs SN Tradelink (P) Ltd. (2022) 145 taxmann.com 73 (Gujarat)  PCIT vs Deccan Jewellers P. Ltd. (2021) 438 ITR 131 (AP)(HC)  PCIT vs Deccan Tobacco Company (2021) 438 ITR 131 (AP)(HC)  PCIT vs Dte Exports P. Ltd. (2021) 438 ITR 131 (AP)(HC)  Smt. Abha Bansal vs PCIT (Central) (2021) 132 taxmann.com 231 (Delhi-Trib)  Jyoti Foundation 357 ITR 388 (Del) (HC)  PCIT vs Smt. ShreelekhaDamani (2018) 307 CTR 218 (Bom) Mridul Shashikant Khandelwal (AY 2018-19 &…

Mridul Shashikant Khandelwal, Mumbai vs. PCIT Central -1, Mumbai

In the result, the grounds of

ITA 3644/MUM/2025[2018-19]Status: DisposedITAT Mumbai11 Nov 2025AY 2018-19

Bench: Shri Pawan Singh& Shri Arun Khodpia

Section 143(3)Section 153CSection 153DSection 254(1)Section 263

…(Calcutta) (HC)  PCIT vs Shree Gayatri Associates (2019) 263 Taxman 673 (Guj) (HC)  PCIT vs Shreeji Prints (P) Ltd. (2021) 130 Taxman.com 294 (SC)  PCIT vs SN Tradelink (P) Ltd. (2022) 145 taxmann.com 73 (Gujarat)  PCIT vs Deccan Jewellers P. Ltd. (2021) 438 ITR 131 (AP)(HC)  PCIT vs Deccan Tobacco Company (2021) 438 ITR 131 (AP)(HC)  PCIT vs Dte Exports P. Ltd. (2021) 438 ITR 131 (AP)(HC)  Smt. Abha Bansal vs PCIT (Central) (2021) 132 taxmann.com 231 (Delhi-Trib)  Jyoti Foundation 357 ITR 388 (Del) (HC)  PCIT vs Smt. ShreelekhaDamani (2018) 307 CTR 218 (Bom) Mridul Shashikant Khandelwal (AY 2018-19 &…

Akashdeep Cloth Centre, Kannad vs. Principal CIT, Nashik

In the result, both the appeals filed by the respective assessees are allowed

ITA 959/PUN/2024[2019-20]Status: DisposedITAT Pune04 Nov 2025AY 2019-20

Bench: Shri R. K. Panda & Ms. Astha Chandraassessment Year : 2019-20

For Appellant: S/Shri Shubham N. Rathi and Ashutosh DhootFor Respondent: Shri Amol Khairnar, CIT-DR
Section 115BSection 142(1)Section 143(3)Section 263Section 69Section 69B

…cial to the interest of Revenue. Therefore, the Ld. PCIT is not justified in invoking jurisdiction u/s 263 of the Act. 10. Referring to the decision of the Hon’ble Andhra Pradesh High Court in the case of PCIT vs. Deccan Jewellers (P.) Ltd. reported in (2021) 438 ITR 131 (AP), he submitted that the Hon’ble High Court in the said decision has held that where nature and source of excess stock found during search was not specifically identifiable from profits which had accumulated from earlier years, the Assessing Officer was justified in holding that said excess stock was not undisclosed investment of assessee and…

Manmandir Cloth Centre, Kannad vs. PCIT, Nashik

In the result, both the appeals filed by the respective assessees are allowed

ITA 1012/PUN/2024[2019-20]Status: DisposedITAT Pune04 Nov 2025AY 2019-20

Bench: Shri R. K. Panda & Ms. Astha Chandraassessment Year : 2019-20

For Appellant: S/Shri Shubham N. Rathi and Ashutosh DhootFor Respondent: Shri Amol Khairnar, CIT-DR
Section 115BSection 142(1)Section 143(3)Section 263Section 69Section 69B

…cial to the interest of Revenue. Therefore, the Ld. PCIT is not justified in invoking jurisdiction u/s 263 of the Act. 10. Referring to the decision of the Hon’ble Andhra Pradesh High Court in the case of PCIT vs. Deccan Jewellers (P.) Ltd. reported in (2021) 438 ITR 131 (AP), he submitted that the Hon’ble High Court in the said decision has held that where nature and source of excess stock found during search was not specifically identifiable from profits which had accumulated from earlier years, the Assessing Officer was justified in holding that said excess stock was not undisclosed investment of assessee and…

Shri Vishwakarama Jewellers, Akola vs. DCIT Akola Circle, Akola

In the result, assessee’s appeal is allowed

ITA 99/NAG/2025[2017-18]Status: DisposedITAT Nagpur22 Sept 2025AY 2017-18

Bench: Shri Narender Kumar Choudhry & Shri K.M. Roy, Accountant, Member

For Appellant: Shri S.G. GandhiFor Respondent: Shri Surjit Kumar Saha
Section 115BSection 133ASection 143(3)Section 69B

…resorted to taxing the income of the Assessee at the rate of 60% in terms of provisions of section 115BBE of the Act. 10.18 The Hon'ble Andhra Pradesh High Court in the case of Principal Com-missioner of Income-tax v. Deccan Jewellers Ltd. reported in (2021) 438 ITR 131 held that where the Assessee was engaged in the business of Gold and Diamond jewellery and Silver articles and during the search and seizure operation u/s 132, excess stock was found to be declared and the Assessee had submitted that excess stock was result of suppression of profit from business over, the years and the same had not been kept iden…

Shree Society, Visakhapatnam vs. Income Tax Officer, Ward-1(5), Visakhapatnam

In the result, appeal filed by the assessee is dismissed

ITA 226/VIZ/2024[2017-18]Status: DisposedITAT Visakhapatnam31 Jul 2025AY 2017-18

Bench: Shri Vijay Pal Rao, Vice-A N D Shri Manjunatha, G.आ.अपी.सं /Ita No.226/Viz/2024 (िनधा"रण वष"/Assessment Year: 2017-18) Shree Society Vs. Income Tax Officer Visakhapatnam Ward 1(5) Pan:Aanas1911Q Visakhapatnam (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Shri I Rama Sastry, Ca राज" व "ारा/Revenue By:: Dr. Satyasai Rath, Cit(Dr) सुनवाई की तारीख/Date Of Hearing: 29/07/2025 घोषणा की तारीख/Pronouncement: 31/07/2025 आदेश/Order Per Vijay Pal Raothis Appeal By The Assessee Is Directed Against The Order Dated 30/03/2024 Of The Learned Pr.Cit Passed U/S 263 R.W.S. 254 Of The Act For The A.Y 2017-18. 2. The Assessee Has Raised The Following Grounds Of Appeal:

For Appellant: Shri I Rama Sastry, CAFor Respondent: : Dr. Satyasai Rath, CIT(DR)
Section 139(1)Section 143(3)Section 263

…Court on this point, however, there are various decisions of the Tribunal on this issue decided in favour of the assessee and therefore, in view of the judgment of the Hon'ble High Court in the case of Principal CIT vs. M/s. Deccan Jewellera P Ltd reported in 438 ITR 131 the order of the Tribunal is binding on the Assessing Officer and therefore, the claim of the assessee allowed by the Assessing Officer as per law as held by the jurisdictional Tribunal cannot be held as erroneous as well as prejudice to the interest of the Revenue. The learned AR has referred to the assessment order and submitted that the case w…

Joint Commissioner of Income Tax (OSD), Ludhiana vs. M/S Sheetal Industries, Khanna

The appeal of the Revenue is dismissed

ITA 420/CHANDI/2023[2018-19]Status: DisposedITAT Chandigarh24 Feb 2025AY 2018-19

Bench: Shri Rajpal Yadav & Shri Krinwant Sahay

For Appellant: Shri Rohit Kapoor, Advocate and Shri Virsain AggarwalFor Respondent: Smt. Kusum Bansal, CIT DR
Section 115BSection 132Section 133ASection 143(2)Section 153CSection 69Section 69A

…resorted to taxing the income of the Assessee at the rate of 60% in terms of provisions of section 115BBE of the Act. 10.18 The Hon'ble Andhra Pradesh High Court in the case of Principal Commissioner of Income Tax Vs. Deccan Jewellers Ltd. reported in (2021) 438 ITR 131 (AP) held that where the Assessee was engaged in the business of Gold and Diamond jewellery and Silver articles and during the search and seizure operation u/s 132, excess stock was found to be declared and the Assessee had submitted that excess stock was result of suppression of profit from business over the years and the same had not been kept…

M/S Amarjit & Sons, Ludhiana vs. DCIT, CC-2, Ludhiana

In the result, appeal of the assessee is allowed

ITA 203/CHANDI/2023[2019-20]Status: DisposedITAT Chandigarh21 Nov 2024AY 2019-20

Bench: The Ld. Cit(A) Have Not Been Appreciated.

For Appellant: Shri Sudhir Sehgal, AdvocateFor Respondent: Smt. Amanpreet Kaur, Sr. DR
Section 115BSection 133ASection 69Section 69B

…resorted to taxing the income of the assessee at the rate of 60% in terms of provisions of section 115BBE of the Act. 10.18 The Hon'ble Andhra Pradesh High Court in the case of Principal Commissioner of Income Tax Vs. Deccan Jewellers Ltd. reported in (2021) 438 ITR 131 (AP) held that where the assessee was engaged in the business of Gold and Diamond jewellery and Silver articles and during the search and seizure operation u/s 132, excess stock was found to be declared and the assessee had submitted that excess stock was result of suppression of profit from business over the years and the same had not been kept…

Rav Sharan Singh, Patiala vs. ACIT, C.C., Patiala

In the result, appeal of the assessee is allowed

ITA 416/CHANDI/2023[2019-20]Status: DisposedITAT Chandigarh30 Oct 2024AY 2019-20

Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. VIKRAM SINGH YADAV (Accountant Member)

For Appellant: Shri Sudhir Sehgal, Advocate and Shri Rishabh Marwah, C.AFor Respondent: Shri Dharam Vir, JCIT, Sr. DR
Section 133ASection 143(2)Section 69

…resorted to taxing the income of the assessee at the rate of 60% in terms of provisions of section 115BBE of the Act. 10.18 The Hon'ble Andhra Pradesh High Court in the case of Principal Commissioner of Income Tax Vs. Deccan Jewellers Ltd. reported in (2021) 438 ITR 131 (AP) held that where the assessee was engaged in the business of Gold and Diamond jewellery and Silver articles and during the search and seizure operation u/s 132, excess stock was found to be declared and the assessee had submitted that excess stock was result of suppression of profit from business over the years and the same had not been kept…

Mylan Laboratories Limited, Hyderabad vs. Deputy Commissioner Income Tax, Circle-5 (1), Hyderabad

In the result, the ground no

ITA 206/HYD/2021[2014-15]Status: DisposedITAT Hyderabad12 Aug 2024AY 2014-15

Bench: Shri K. Narasimha Chary & Shri Madhusudan Sawdia

For Appellant: Shri Padamchand Khincha, C.AFor Respondent: Shri Kumar Pranav, CIT-DR
Section 263Section 37

…ited v. ITO in ITA No.122/Hyd/2022 dated 26.12.2022  Shri Harish Kumar Muralidhar Harwani v. ITO in ITA No. 69/Hyd/2022 dated 28.04.2023  Balaji Developers Hyderabad v. ACIT in ITA no. 281/Hyd/2022 dated 21.06.2023  PCIT v. Deccan Jewellera (P.) Ltd [2021] 438 ITR 131 (Andhra Pradesh)  Brahma Centre Development Pvt Ltd v. PCIT in ITA No. 4341 & 4342/Del/ 2019 dated 18.12.2019. B. No revision on the basis of an audit objection: ITA No.206/Hyd/2021 8 3.7 It is trite law that, while exercising revisional jurisdiction under section 263 of the Act, the principles of natural justice do not permit the decision of…

Income Tax Officer W 1, Hassan vs. Ramachandra Setty and Sons, Hassan

In the result, appeal of the assessee in ITA

ITA 1166/BANG/2023[2017-18]Status: DisposedITAT Bangalore10 Jun 2024AY 2017-18

Bench: Shri Chandra Poojari & Shri Keshav Dubey

For Appellant: Shri C. Ramesh, A.RFor Respondent: Ms. Neera Malhotra, D.R
Section 115BSection 132(4)Section 250Section 69B

…resorted to taxing the income of the assessee at the rate of 60% in terms of provisions of section 115BBE of the Act. 10.18 The Hon'ble Andhra Pradesh High Court in the case of Principal Commissioner of Income Tax Vs. Deccan Jewellers Ltd. reported in (2021) 438 ITR 131 (AP) held that where the assessee was ITA Nos.1156 & 1163 to 1166/Bang/2023 M/s. S. Ramachandra Setty & Sons, Hassan Page 88 of 104 engaged in the business of Gold and Diamond jewellery and Silver articles and during the search and seizure operation u/s 132, excess stock was found to be declared and the assessee had submitted that excess stock wa…

Income Tax Officer, W-1, Vijayanagar vs. Ramachandra Setty and Sons, Hassan

In the result, appeal of the assessee in ITA

ITA 1165/BANG/2023[2015-16]Status: DisposedITAT Bangalore10 Jun 2024AY 2015-16

Bench: Shri Chandra Poojari & Shri Keshav Dubey

For Appellant: Shri C. Ramesh, A.RFor Respondent: Ms. Neera Malhotra, D.R
Section 115BSection 132(4)Section 250Section 69B

…resorted to taxing the income of the assessee at the rate of 60% in terms of provisions of section 115BBE of the Act. 10.18 The Hon'ble Andhra Pradesh High Court in the case of Principal Commissioner of Income Tax Vs. Deccan Jewellers Ltd. reported in (2021) 438 ITR 131 (AP) held that where the assessee was ITA Nos.1156 & 1163 to 1166/Bang/2023 M/s. S. Ramachandra Setty & Sons, Hassan Page 88 of 104 engaged in the business of Gold and Diamond jewellery and Silver articles and during the search and seizure operation u/s 132, excess stock was found to be declared and the assessee had submitted that excess stock wa…

Income Tax Officer Ward-1 Hassan, Hassan vs. Ramachandra Setty and Songs, Hassan

In the result, appeal of the assessee in ITA

ITA 1164/BANG/2023[2014-15]Status: DisposedITAT Bangalore10 Jun 2024AY 2014-15

Bench: Shri Chandra Poojari & Shri Keshav Dubey

For Appellant: Shri C. Ramesh, A.RFor Respondent: Ms. Neera Malhotra, D.R
Section 115BSection 132(4)Section 250Section 69B

…resorted to taxing the income of the assessee at the rate of 60% in terms of provisions of section 115BBE of the Act. 10.18 The Hon'ble Andhra Pradesh High Court in the case of Principal Commissioner of Income Tax Vs. Deccan Jewellers Ltd. reported in (2021) 438 ITR 131 (AP) held that where the assessee was ITA Nos.1156 & 1163 to 1166/Bang/2023 M/s. S. Ramachandra Setty & Sons, Hassan Page 88 of 104 engaged in the business of Gold and Diamond jewellery and Silver articles and during the search and seizure operation u/s 132, excess stock was found to be declared and the assessee had submitted that excess stock wa…

Income Tax Officer, W-1, Hassan vs. Ramachandra Setty & Sons, Hassan

In the result, appeal of the assessee in ITA

ITA 1163/BANG/2023[2013-14]Status: DisposedITAT Bangalore10 Jun 2024AY 2013-14

Bench: Shri Chandra Poojari & Shri Keshav Dubey

For Appellant: Shri C. Ramesh, A.RFor Respondent: Ms. Neera Malhotra, D.R
Section 115BSection 132(4)Section 250Section 69B

…resorted to taxing the income of the assessee at the rate of 60% in terms of provisions of section 115BBE of the Act. 10.18 The Hon'ble Andhra Pradesh High Court in the case of Principal Commissioner of Income Tax Vs. Deccan Jewellers Ltd. reported in (2021) 438 ITR 131 (AP) held that where the assessee was ITA Nos.1156 & 1163 to 1166/Bang/2023 M/s. S. Ramachandra Setty & Sons, Hassan Page 88 of 104 engaged in the business of Gold and Diamond jewellery and Silver articles and during the search and seizure operation u/s 132, excess stock was found to be declared and the assessee had submitted that excess stock wa…

M/S. S. Ramashandra Setty & Sons, Hassan vs. Income Tax Officer, Ward-1, Hassan

In the result, appeal of the assessee in ITA

ITA 1156/BANG/2023[2017-18]Status: DisposedITAT Bangalore10 Jun 2024AY 2017-18

Bench: Shri Chandra Poojari & Shri Keshav Dubey

For Appellant: Shri C. Ramesh, A.RFor Respondent: Ms. Neera Malhotra, D.R
Section 115BSection 132(4)Section 250Section 69B

…resorted to taxing the income of the assessee at the rate of 60% in terms of provisions of section 115BBE of the Act. 10.18 The Hon'ble Andhra Pradesh High Court in the case of Principal Commissioner of Income Tax Vs. Deccan Jewellers Ltd. reported in (2021) 438 ITR 131 (AP) held that where the assessee was ITA Nos.1156 & 1163 to 1166/Bang/2023 M/s. S. Ramachandra Setty & Sons, Hassan Page 88 of 104 engaged in the business of Gold and Diamond jewellery and Silver articles and during the search and seizure operation u/s 132, excess stock was found to be declared and the assessee had submitted that excess stock wa…

Principal Commissioner of Income Tax v. Deccan Jewellers Ltd. (438 ITR 131) — Cited in 34 Judgments | BharatTax