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2013 (12) TMI 476 - AT - Income TaxUnexplained investment u/s 69 - Addition of income on the basis of peak theory – The assessee issued cheques of Rs.15,000/- on 29-08-2007 towards payment of SBI Card - The assessee has given one cheque to Raman Leela Sales and as per the enquiry from the bank, it is revealed that the said party deals in mobile sales and repairing therefore, this is also expenditure for purchase of mobile or for its repairing which is personal in nature - Held that:- If addition is made on the basis of peak then, any expenditure incurred or investment made prior to the date of peak is to be added in the peak amount and if there is any income after the peak date, the same is also to be added – The peak has been worked out as on 01- 11-2007 and 10-09-2007 - The learned CIT(A) has added in the income for the post-peak period, but there is no observation of the learned CIT(A) regarding expenses/investment prior to peak date - The working of peak by the learned CIT(A) is not sustainable – The addition should be made on the basis of peak and not for entire credit in the undisclosed bank account – The matter was set aside for fresh decision.
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