2025 (6) TMI 290

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.... revenue is deletion of addition of Rs. 810 Lacs as made by Ld. AO in the assessment order. 2. The Ld. CIT-DR advanced arguments and supported the findings of Ld. AO whereas Ld. AR also advanced arguments and supported the findings of Ld. CIT(A) in the impugned order. Having heard rival submissions and upon perusal of case records, the appeal is disposedoff as under. The assessee being resident individual is stated to be engaged in trading of gold / silver bars and jewellery in proprietorship concern namely M/s Jewar Kothi. The assessee filed its return of income declaring income of Rs.43.43 Lacs which was scrutinized u/s 143(3). However, the case was reopened and another assessment was framed which is in further challenge before us. Asse....

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....ssee maintained regular books of accounts including quantitative records of trading items. The books were duly audited u/s 44AB. The assessee, inter-alia, furnished day-wise cash book, sales ledger, stock register, purchase and sales details etc. During entire year, the assessee deposited cash of Rs. 71.53 Crores out of which Rs. 8.10 Crores was deposited in SBNs during demonetization period. The turnover of the proprietorship concern was stated to be Rs. 527.73 Crores. The assessee also tabulated sales made during October & November in FYs 2014-15 and 2015-16 and 2016-17 to demonstrate that there was no abnormal sale in this year. The assessee also furnished cash book to demonstrate that it had sufficient cash balance in the books to make ....