Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (5) TMI 1077 - AT - Income TaxUnexplained cash credit - peak credit addition - Held that:- The assessee issued cheques in favour of one Shri Esakki Muthu and Shri Chermakani, both are employees of M/s. Jenson Enterprises P. Ltd. The reason for issuing cheques was not known. The fact remains that monies from the assessee's savings bank account with Axis Bank were withdrawn by these two employees on the basis of the cheques issued by the assessee. The assessee claims that he was withdrawing the money from Chennai and redepositing at Tuticorin. When the assessee could withdraw at Tuticorin itself from the very same savings bank account, it is not known why this amount was withdrawn from Chennai and taken to Tuticorin for redeposit. Similarly, the money from the very same savings bank account was withdrawn from Tuticorin and was used to deposit in Chennai. Though this kind of statement is unbelievable, the Commissioner of Income-tax (Appeals) found that the money withdrawn would be available for the subsequent deposit, therefore, directed the Assessing Officer to take only peak credit. Therefore, the assessee cannot have any grievance on the direction given by the Commissioner of Income-tax (Appeals) to take peak credit. - Decided against assessee
|