TMI Blog2013 (12) TMI 476X X X X Extracts X X X X X X X X Extracts X X X X ..... ate, 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. - ITA No.2740/Ahd/2012 - - - Dated:- 31-1-2013 - Shri A. K. Garodia, AM And Shri Kul Bharat, JM,JJ. For the Appellant : Shri Y. P. Verma, Sr. DR For the Respondent : None ORDER Per A. K. Garodia: This is a revenue's appeal directed against the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... w for the sake of ready reference: "5. I have considered the facts of the case and found that on the basis of facts available in possession of AO it can be clearly concluded that the aforesaid bank account was not disclosed by appellant in his return of income. Therefore, the credit and debit entries of the said bank account remain unexplained. But in such cases, the whole of the deposits cannot be treated as unexplained for the reason that the funds have been circulated through withdrawals and deposits. The same fund has run through all the transactions related to that year in that bank account. In such situation, taking peak amount of the transactions is most suitable. In the bank account of the appellant, entries have the nature of two ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the AO that the assessee issued cheques of Rs.15,000/- on 29-08-2007 towards payment of SBI Card. He has also noted on the same page of the assessment order that 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 and, therefore, this is also expenditure for purchase of mobile or for its repairing which is personal in nature. In the same bank account, Rs.17/- and Rs.54/- were debited on account of De- mat charges on 28-01-2008 and 08-07-2008 respectively. In Para 5 of the order of the learned CIT(A) as reproduced above, peak has been worked out as on 01- 11-2007 and 10-09-2007. In our considered opinion, if addition is made on th ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
