Case Law Details
C.M. Jewellers Vs DCIT (ITAT Chandigarh)
Discrepancies in the silver jewellery cannot be said to be from an unexplained source as no such fact or allegation has either been made in the Survey. The discrepancy in the silver stock was in the regular course of the business of the assessee.
Facts-
The assessee was subjected to a search & seizure operation as well as survey operation u/s 132(1) and 133A of the Act on 21.03.2017. In the course of the survey it was noticed that during the demonetization period of 09.12.2016 to 30. 12.2016 the assessee had deposited an amount of Rs.7,61,70,000/-in its bank. It was explained that these deposits had been made in the normal course of business and during Diwali. These were as per cash in hand shown in the books of account as on 08.11.2016.
The assessee in order to buy peace of mind agreed to make a disclosure of Rs. 3 Crores under PM Garib Kalyan Yojana and accordingly, has paid tax of Rs.1.50 Crores for this disclosure and had deposited an amount of Rs.75,000/- to the Government account as per the Scheme.
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