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2017 (10) TMI 1355 - AT - Income TaxAdditions u/s 68 - peak credit balance in the SB accounts - additions against difference in the amount of purchases - Held that:- AO directed to restrict the addition on this issue to the extent of combined peak credit balance of all the 3 bank accounts in question. - The AO is directed to verify the working of peak credit and allow appropriate relief to the assessee on this issue. Additions towards difference in the amount of purchases - Held that:- the said information was confronted by the AO to the assessee pointing out the difference in the amount of purchases and an opportunity was also given to the assesses to explain/reconcile the same. The assessee however failed to explain/reconcile the said difference and this failure continued even during the course of appellate proceedings before the Ld. CIT (A) where the assessee got another opportunity to reconcile/explain the difference in the amount of purchases specifically pointed out by the AO. - Addition confirmed. The appeal of the assessee is partly allowed.
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