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2013 (6) TMI 20 - ITAT DELHIReopening of assessment - addition made of credits appearing in three bank accounts of the assessee u/s 68 - Held that:- Assessee was not able to file proper information regarding persons from whom purchases were made even then the entire deposits in the bank account cannot be taxed as income of the assessee as in that case theory of peak credit should have been applied. In view of the facts and circumstances the case of the assessee be re- adjudicated by the AO and addition if any on account of deposit in banks be made after considering withdrawals made by the assessee and peak amount after considering withdrawals. In favour of assessee for statistical purposes. As regards interest from M/s Nishan Bearing Co. Pvt. Ltd. vide letter dated 21st December, 2009 assessee had himself admitted that it was omitted to be shown in the computation of income and TDS was also not claimed. Therefore, addition on account of interest was rightly made by the AO. Against assessee.
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