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2011 (7) TMI 655 - KARNATAKA HIGH COURTBlock assessment - assessee having benami accounts( few in name of others) in banks - entitlement of a set off and a determination of the peak credit after arranging all the credits in various accounts in chronological order – voluntarily disclosure taken as additional income - Held that:- Finding of the appellate authorities insofar as the accounts in the name of others in banks are concerned, the material relied upon by the Assessing Officer is not the material found during search but the material which is collected during investigation into the account maintained by assessee. therefore, the said account cannot be said to be benami account held by the assessee.- Decided in favor of assessee. Regarding calculation of the amount of peak credit is concerned it is held that assessee is entitled to a set off and a determination of the peak credit after arranging all the credits in various accounts in his name in chronological order. Futher, amount voluntarily disclosed by assessee cannot be taken as additional income.- Decided against the Revenue.
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