AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2024 (7) TMI 277
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....(Appeals) [hereinafter referred as "Learned CIT(A)" arising from assessment order dated 31.12.2019 of Income Tax Officer (hereafter referred as "Learned AO") was partly allowed by deleting some of additions and some additions upheld and Ld. AO was directed to compute interest. 2. Brief facts of case are that appellant/assessee e-filed return of income for assessment year 2017-18 declaring income of Rs. 13,85,040/-. The case was selected for scrutiny through CASS. Notice under section 143(2) of the Act dated 14.08.2018 was issued and served upon the assessee fixing date of compliance on 24.08.2018. The information was transferred from Investigation Wing, Noida that survey action under section 133A Act, was conducted on the business premise ....
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....arned CIT(A) vide order dated 14.12.2022 partly allowed the appeal in above terms. 4. Assessee/appellant raised grounds qua the addition of Rs. 27,00,000/- under section 68 of the Act on account of unsecured loans was confirmed and addition of Rs. 5,88,708/- under section 68 of the I.T. Act on account of capital introduced by the assessee during the year out of business of sale purchase of jewellery in his proprietary concern. 5. Department of Revenue raised grounds regarding the deletion of the addition of Rs. 84,00,000/- out of total addition of Rs. 1,11,00,000/- on account of unsecured loans and deleting of the addition of Rs. 2,03,87,482/- made on account of cash sales and deleting of the addition of Rs. 25,50,000/- made on account of....
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....ut of business of sale purchase of jewellery in his proprietary concern M/s. Balsons Jewellers. During the year under consideration assessee had received consideration of Rs. 3,86,912/- from selling of ornaments and has declared long term capital of Rs. 21,644/- in the ITR. Apart from his balance amount of Rs. 2,23,440/- was introduced from past savings. Learned AO wrongly stated that genuineness and creditworthiness of lenders was not proved. Learned CIT(A) had found genuine cash credit was proved but the source could not be proved which was factually incorrect. Therefore appeal of appellant assessee may be accepted. 10. Learned authorised representative for assessee submitted that Learned CIT(A) has correctly deleted Rs. 84 lacs out of R....
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....ed on the following judgments:- PCIT v. Agson Global (P.) Ltd. High Court of Delhi reported in [2022] 134 (JPB Page 1-26) DCIT, CC-01, New Delhi vs. Manuvel Malabar Jewellers Pvt. Ltd. in ITA No. 1011/Del/2022 (JPB Page 27-38) DCIT Circle 4(2) New Delhi Vs. Bawa Jewellers Pvt. Ltd. in ITA No. 352/Del/2021, (JPB Page 39-63) Fine Gujaranwala Jewellers v. ITO in IT Appeal No. 1540(Delhi) of 2022 reproted in [2023] 151 taxmann.com 340 (Delhi-Trib.), (JPB Page 64-73) ACIT vs. Ramlal Jewellers (P.) Ltd. in IT A No. 1600(Mum) of 2023 reported in [2023] 154 taxmann.com 584 (Mumbai- Trib.) (JPB Page 74-81) Income Tax Officer 4(3)(1) Vs. M/s. Zee Bangles Pvt. Ltd. in ITA No. 815/Mum/2022, (JPB Page 82-92) 12. Learned authorised represent....
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....ineness and creditworthiness of lenders for amount of Rs. 5,88,708/- showing genuine cash credit. So appeal of the appellant assessee may be rejected. 16. Learned representative for the department of revenue submitted that Learned CIT(A) has erred in law as well as on facts by deleting the addition of Rs. 84,00,000/- out of total addition of Rs. 1,11,00,000/- on account of unsecured loans. Learned CIT(A) has erred in law as well as on facts by deleting the addition of Rs. 2,03,87,482/- made on account of cash sales. Learned CIT(A) has erred in law as well as on facts by deleting the addition of Rs. 25,50,000/- made on account of capital introduced by the proprietor. Learned CIT(A) has erred as well as on facts by deleting the addition of R....
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....having introduced total capital of Rs. 12,70,366/- . Resultantly the findings of the Learned CIT(A) are not just fair, reasonable and deserves to be set aside. Consequently the appeal of the assessee deserves to be allowed. 19. From perusal of record it is evident that Rs. 84 lacs out of Rs. 1.1 crore was deleted. Receiving of Rs. 19,00,000/- from assessee's HUF (Parish Aggarwal, HUF) creditworthiness was proved. Regarding short term loan of Rs. 9,00,000/- each from close family relations Amit Goel HUF, Himanshu Goel, HUF, Mahesh Kumar Goel, HUF, Lalit Goel HUF, Sunit Goel, HUF. Cheque received on 28.07.2016 and amount returned on 14.10.2016 by assessee through account payee cheque (Paper Book 11 at page -4-42). The creditworthiness was pr....