2025 (6) TMI 291

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....R MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. Aforesaid appeal by revenue for Assessment Year (AY) 2021-22 arises out of an order of learned Commissioner of Income Tax (Appeals), Kanpur [CIT(A)] dated 28-02-2023 in the matter of an assessment framed by Ld. Assessing Officer [AO] u/s. 143(3) of the Act on 29-09- 2022. Having heard rival submissions and upon perusal of case records, the appeal i....

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....sion of Shri Sunil Garg and Shri Bhagwan Singh. They stated that they were employees of M/s Girraj Ornaments prop. Sh. Sachin Agarwal and were carrying gold jewellery for sampling and sale. The cash was stated to be sale proceeds of jewellery. The same triggered survey u/s 133A on M/s Girraj Ornaments and statement of Shri Sachin Agarwal was recorded confirming the fact that the jewellery was sent....

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....particularly when the application of these sections was discretionary and not mandatory depending upon facts and circumstances of each case. The assessee was engaged in jewellery trading. The jewellery was owned up by the assessee and it was admitted that the jewellery was being sent for sale through Shri Sunil Garg and Shri Bhagwan Singh. The survey party, in statement recorded u/s 131(1A), confr....

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....dhra Pradesh High Court in PCIT vs. Deccan Jewellers Pvt. Ltd. (132 Taxmann.com 73) holding view favoring the assessee. It was thus held that the impugned income would be taxed as business income only which would be subject to normal rate of tax only. Aggrieved as aforesaid, the revenue is in further appeal before us. 5. In our considered opinion, the factual matrix would clearly indicate that th....