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2017 (8) TMI 1532 - ITAT CHENNAIUnexplained cash credit - Addition on peak credit basis - Additions in the hands of the assessee HUF - HELD THAT:- Cash credit computed by the CIT(A) is not appropriate because he has adopted the cumulative cash deposited in the bank account as the peak credit. The computation of peak credit by the AO is appropriate because he has computed the peak credit based on the peak credit of the assessee on any given point of time in the bank account during the relevant assessment year. The assessee has not produced any evidence before us to establish that the cash credit made in the bank account of the assessee was from the jewel loan and cash withdrawal from the cash credit account maintained with the bank. Therefore no merit in the argument advanced by the assessee on that regard. Considering the status of the assessee which is a HUF wherein there are other co-parceners whose financial position should also be considered while making such additions in the hands of the assessee HUF, hereby remit the matter back to the file of Ld.AO for fresh consideration. Assessee's appeal allowed for statistical purposes
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