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2014 (6) TMI 172 - ITAT AHMEDABADConfirmation of addition – Peak credit - Undisclosed bank account maintained - Unexplained income – Held that:- The AO noticed that certain deposits were made in the bank account maintained with State Bank of India which included cheque as well as cash deposits but the deposits were not offered to tax and in the absence of satisfactory explanation from the Assessee, the entire deposits were considered as undisclosed income - there is no material on record to demonstrate that on the evidence that were filed by the Assessee before CIT(A), any remand report or comments were called by CIT(A) - Revenue should be allowed an opportunity to examine the evidence that were filed before CIT(A) and on the basis of which relief was granted to the Assessee - With respect to cash deposits, it is the submission of the Assessee that that the entire cash deposits cannot be considered as income but only the peak credit should be considered as income - only peak credit has to be considered as income and not the entire credit – thus, the matter is remitted back to the AO for fresh adjudication – Decided in favour of Assessee.
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