2024 (1) TMI 1545

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... PER N. K. BILLAIYA, AM: This appeal by the assessee is preferred against the order dated 28.07.2023 by NFAC, Delhi pertaining to A.Y. 2017-18. 2. The solitary grievance of the assessee is that the CIT(A) confirmed the addition of Rs. 52 lacs u/s.68 of the Act r.w.s. 115BBE of the Act. 3. Briefly stated the facts of the case are that the assessee is a jeweller dealing in Gold ornaments....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....riod in F.Y. 2015-16 was not suitable for marriages and the assessee could not deposit the entire cash in one go due to crowd of the festive season. 7. The explanation of the assessee was dismissed by the AO who formed a belief that the assessee failed to explain the cash deposited in the bank account during demonetization period and accordingly made the addition of Rs. 52 lacs. 8. Assessee ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....n Rs.) Closing Stock (In Rs.) 1. April-16 28163671 27687187 2. May-16 27687187 30397899 3 June-16 30397899 28499605 4 July-16 28499605 28200423 5. August-16 28200423 26485732 6. September-16 26485732 29797791 7. October-16 29797791 26767868 8. November-16 26767868 25591687 9 December-16 2559....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he appeal filed by the assessee is allowed. Order pronounced in the open court on 02.01.2024. ============= Document 1 Particulars Opening Balance Inwards Outwards Page 1 Closing Balance Quantity Pate Value Quantity Rate Value Quantity Rate Value Quantity Rate Value 14 Ct Gold Ornaments 4,245.607 gms 2,076.00 88,13,884.00 107.107 gms 2,011.77 2,15.475.00 1,536.720 gms 2,210.87 33,97....