A search under Section 132 was conducted on the Passi family group, during which substantial jewellery, cash, and foreign currency were found from residential premises and lockers. The Assessing Officer treated part of the jewellery as unexplained on the ground that item-wise reconciliation with wealth tax returns and purchase invoices was not satisfactory. Accordingly, additions…
Voluntary Disclosure of Income Cannot Be Retracted Without Proof of Coercion: High Court The appellant, Shri Narayan Rao Hebri, a 71-year-old individual, was subjected to a survey operation under Section 133A of the Income-tax Act. During the survey, the assessee voluntarily offered an additional income of Rs. 1.25 Crores for the Assessment Year 2017-18 through…
ITAT Quashes Revision in Demonetisation Cash Deposit Case; No ‘Lack of Inquiry’ Found Sikka Infrastructure Pvt. Ltd. filed its return for AY 2017-18 declaring NIL income. The original assessment under Section 143(3) was completed without additions. The case was later reopened under Section 148 due to cash deposits of Rs. 2.06 crore during demonetisation. In…
ITAT Deletes Rs. 35.22 Lakh Demonetisation Addition; Cash Sales Accepted as Genuine The assessee, Marche Retail Pvt. Ltd., engaged in FMCG wholesale and retail business through multiple outlets, filed its return for AY 2017-18, declaring income of Rs. 59.94 lakh. During the assessment, the Assessing Officer noticed that the assessee had deposited Rs. 1.44 crore…
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