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2012 (8) TMI 486 - ITAT, MUMBAIAddition u/s 68 - assessee has requested either estimate the commission income on such accommodation transactions or tax peak of the cash deposits - Held that:- As it is not in dispute that the assessee was providing accommodation entries an admitted fact that the assessee could not produce any of the beneficiaries to whom he was providing “accommodation” and at the same time the assessee has not discharged the initial onus cast upon him and therefore fails in succeeding in this ground of appeal. As the assessee’s has agreed that he has no objection in estimation of profit from hawala business the income of the assessee can be enhanced on the basis of the peak credit statement submitted by the assessee during the course of the appellate proceedings is to be accepted as held in assessee's own case in A.Y. 2002-03 - the entire cash deposit for the year under consideration cannot be added as deemed income of the assessee and at the most the peak deposit in all the bank accounts taken together should be taken for the addition u/s. 68 - restore this issue back to the file of the AO directing to verify the peak deposits of all the bank accounts together - partly in favour of assessee.
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