SWARN GANGA JEWELLERS,CHANDIGARH vs. DCIT, CIRCLE 4(1) NOW DCIT, CIRCLE 1(1), CHANDIGARH
In the result, the appeal of the assessee stands allowed
ITA 675/CHANDI/2022[2017-18]Status: DisposedITAT Chandigarh28 Jun 2024AY 2017-18
Bench: This Tribunal Being Aggrieved By An Order No. Itba/Nfac/S/250/2022-23/1045180258(1) For A.Y. 2017-18 Dt. 05/09/2022 Which Is Hereinafter Referred To As The “Impugned Order”. The Impugned Order Is Passed By Cit(A) In Terms Of Section 250 Of The Income Tax Act, 1961. Factual Matrix 2. That Survey U/S 133A Of The Income Tax Act, 1961 Was Conducted On The Business Premises Of The Assessee On 06/09/2016. The Assessee Surrendered A Sum Of Rs. 50,00,000/- During The Survey & Paid Tax Thereon. The Return Of Income Was Filed On 01/11/2017 Declaring A Total Income Of Rs. 89,48,260/-. Thereafter The Case Of The Assessee Was Selected For Scrutiny Under Compulsory Scrutiny Guidelines & Notice Under Section 143(2) Of The Act Was Issued On 11/09/2018. The Assessment Was Finalised Vide Order Dt. 23/12/2019 Whereby Addition Of Rs. 95,70,882/- Was Made U/S 68 R.W..S 115Bbe Of The Act.
For Appellant: Shri Parikshit Aggarwal, C.AFor Respondent: Shri Dharam Vir, JCIT, Sr. DR
Section 133ASection 143(2)Section 250Section 253Section 68
permanent account number (PAN) issued by the income tax department and TCS has to be deducted u/s 206 of IT Act, 1961. While it is possible that a majority of cash sale bills were below Rs. 2,00,000/- but it is highly unlikely that not even a single cash sale above Rs. 2,00,000/- has been actually made
