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2014 (6) TMI 401 - AT - Income TaxAddition made u/s 68 of the Act – Amount deposit in bank account – Peak credit balance not worked out - Held that:- The AO has not brought on record any material to show that the cash withdrawals made on earlier dates were not used for any other purpose, it would be reasonable to accept that the withdrawals were used for making subsequent deposits – after carrying out the exercise of placing withdrawals and deposits in chronological order and after infusing the negative cash balance as a source (to be assessed as income), one has to ascertain the peak balance of the year and the peak balance so arrived has to be considered as the income of the assessee - assessee has not worked out the “Peak credit balance” as per the method prescribed - the working made by the assessee also requires verification at the end of the AO – thus, the matter is required to be remitted back to the AO for fresh adjudication – Decided in favour of Assessee.
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