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2014 (4) TMI 1018 - ITAT DELHIAddition of peak credit amount – Unexplained credits – Addition u/s 68 and 69 of the Act - Held that:- The assessee rightly contended that when there is a small deposit during the whole year in the bank account of the assessee, then total amount of deposits during the financial year cannot be treated as income in the hands of assessee - there was a deposit of Rs.23,12,875/- during the Financial Year to the bank account of the assessee which was deposited in salary amounts of thousands on various dates, then it cannot be justified if entire amount of deposits during the year is considered as income in the hands of assessee – Following Commissioner of Income-Tax Versus Kulwant Rai [2007 (2) TMI 185 - DELHI High Court] - only the peak credit can be taken as income out of the deposits made during the year to the bank account of the assessee – the AO is directed that only peak credit is to be taken as income of the assessee out of the deposits – Decided in favour of Assessee.
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