Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (3) TMI 74 - AT - Income TaxUnexplained cash deposit under section 68 - Held that:- The assessee is in the business of running a departmental store in the name of the private limited company promoted by him. It is apparent from the facts of the case that assessee has been continuously depositing cash in his bank account and withdrawing the same. In such circumstances when these deposits are not reflected in the books of accounts of the assessee it would be appropriate to make addition on the basis of peak credit method. Therefore, we hereby direct the learned Assessing Officer to make addition in the hands of the assessee invoking section 68 of the Act by adopting peak credit method.
|