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2015 (7) TMI 937 - AT - Income TaxRevision u/s 263 by CIT(A) - sources for the deposits found in the SB Account with Axis Bank have not been examined and enquired into, as in the absence of details for sources for deposits in the SB Account, the Assessing Officer ought to have added back the total deposits found in the bank account u/s. 69 instead of making peak addition u/s. 68 - Held that:- The cash summary prepared and furnished by the assessee also does not indicate the source of cash receipts/inflow shown therein on various dates. The information and material furnished by the assessee before the Assessing Officer therefore, was not sufficient to apply peak credit theory for the purpose of making addition on account of cash deposits found to be made in the bank account of the assessee with Axis Bank, and as rightly concluded by the learned Commissioner, the order passed by the Assessing Officer under S.143(3) making addition by applying wrongly the peak redit theory without enquiring in to all the relevant aspects was erroneous as well as prejudicial to the interests of the Revenue, calling for revision under S.263. The direction given by the learned Commissioner to the Assessing Officer in his impugned order is very specific to reassess the income for the year under consideration after carrying out necessary enquiries in his order. It is thus not a case where the learned Commissioner can be said to have kept the scope of the fresh assessment wide open, as sought to be contended by the learned counsel for the assessee.The impugned order of the learned Commissioner is accordingly upheld - Decided against assessee.
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