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2013 (9) TMI 1100 - AT - Income TaxAddition on the basis of peak credit - Held that:- The appellant submitted before the A.O. that cash withdrawal from the bank was re-deposited in the bank account. The A.O. did not find any discrepancy between cash withdrawal from the bank and cash available in the cash book on a particular date. The appellant had not claimed any expenditure on account of interest payment. The appellant had filed the confirmation of the persons from whom loans were given. The appellant neither paid interest nor earned any income on account of interest on advance. This aspect has not been doubted by the A.O. There is no limit in cash withdrawing and redepositing in the bank account. The assessee has offered a plausible and satisfactory explanation before the A.O. for each financial transaction. He had not brought on record any evidence which proves that cash withdrawal had been invested somewhere else and cash balance in the cash book is artificial. Thus, we confirm the order of the CIT(A).- Decided against revenue
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