Cash Deposits Added as Unexplained Income Because Sales Bills Were Not Examined

Chand Jewellers Vs ITO (ITAT Amritsar) The appeal before the Income Tax Appellate Tribunal (ITAT), Amritsar, arose from a reassessment framed under section 147 read with section 144B of the Income-tax Act, 1961, and affirmed by the Commissioner of Income Tax (Appeals), NFAC. The assessee, a partnership firm engaged in the business of gold jewellery and ornaments, had deposited cash of ₹1.03 crore in its bank account during the demonetisation period. Its regular return for Assessment Year 2017–18 was filed on 30 August 2017, declaring total income of ₹1,52,910. Reassessment proceedings we...