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2015 (9) TMI 1007 - AT - Income TaxAddition on account of unexplained cash deposits in bank account - Held that:- AR has placed on record copy of the bank statement of account maintained with State Bank of India and Oriental Bank of Commerce and from he has also worked out the date-wise working of the peak credit of the cash deposited in his bank accounts. We also find that while deciding the appeal of the assessee for AY 2006-07, Ld CIT(A) has in principle partially accepted the addition based on the peak theory as he has directed the AO to accept the amounts which are re-deposited within 15 days of withdrawal. We also find that the decision of the CIT(A) for AY 2006-07 has been accepted by the Department and has not preferred appeal before the Tribunal though the facts of that year are similar to that of other years. Before us, Revenue has not controverted the working of peak credit furnished by the ld. A.R. In such a situation, we are of the view that in the present case the entire cash deposits cannot be added as income but the addition be made only to the extent of peak credit. We therefore restore the issue to the file of AO to restrict the addition on the basis of peak credit. - Decided in favour of assessee for statistical purposes. Addition of jewellery - Held that:- We find that Ld CIT(A) after considering the entire facts and the CBDT circular (supra) and by a well reasoned order had granted substantial relief to the assessee. Before us, ld. A.R. has not controverted the findings of ld. CIT(A) nor pointed any fallacy in the findings of ld. CIT(A) and therefore we find no reason to interfere with the order of ld. CIT(A) and thus dismiss the ground of Assessee. - Decided against assessee Unexplained cash found at the time of search - Held that:- Cannot accept the contention of the. appellant particularly when the mother of the appellant expired in 2006 and the search took place in the case of the appellant in October, 2008, Further, what was the source of the, cash in the hands of his mother has not been explained by the appellant. Similarly, the appellant has not given the details of withdrawals from his salary. Rather the appellant has tried to improve the cash deposits in his bank account out of the cash withdrawals. Therefore, no hesitation in holding that the appellant has failed to prove the acquisition of cash found from his residence. The addition made on this account is therefore, upheld. - Decided against assessee
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