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Case Law Details

Case Name : M/s N. K. Jewellers Vs CIT (Supreme Court of India)
Appeal Number : Civil Appeal No. 5216/2008
Date of Judgement/Order : 13/09/2017
Related Assessment Year :
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In view of the amendment made in Section 132A of the Income Tax Act, 1961 by Finance Act of 2017, the ‘reason to believe’ or ‘reason to suspect’, as the case may be, shall not be disclosed to any person or any authority or the Appellate Tribunal as recorded by Income Tax Authority under Section 132 or Section 132A. We, therefore, cannot go into that question at all. Even otherwise, we find that the explanation given by the appellant regarding the amount of cash of Rs.30 lacs found by the GRP and seized by the authorities has been disbelieved and has been treated as income not recorded in the Books of Account maintained by it.

FULL TEXT OF THE SUPREME COURT JUDGMENT

The present appeal arises out of the order dated 23rd February, 2007 in ITA No.236/2007 passed by the Delhi High Court whereby the High Court has held that no substantial question of law arose for its consideration and it was merely a matter decided on the evidence on record.

We have heard learned counsel for the parties.

On a perusal of the impugned order, we find that on 27.05.2000 the employee of the appellant was returning from Amritsar by train No.2030, Swarn Shatabdi Express and he was found in the possession of Rs.30 lacs cash in a search by Railway Police. The SHO, GRP Station, Jalandhar after making enquiries from the concerned employee registered a case under Sections 411/414 of the Indian Penal Code on 27.05.2000. The report written by the SHO, GRP is as follows:

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