ITAT Ahmedabad dismisses ₹7.88 Cr bogus sales addition against jeweler

Zinzuwadia & Sons Vs ACIT (ITAT Ahmedabad) Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, has ruled in favor of Zinzuwadia & Sons, a jeweler, by deleting a significant addition of ₹7.88 crore to its income, which the Assessing Officer (AO) had treated as “bogus sales” during the 2016 demonetization period. The ITAT upheld the decision of the Commissioner of Income-tax (Appeals) [CIT(A)] on this primary issue, while also addressing other related additions. The case emerged from a survey action conducted on Zinzuwadia & Sons following the demonetization announce...