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2014 (7) TMI 1283 - ITAT DELHIAddition u/s 69A - unexplained source of cash deposits and deposits through cheques in the bank - peak credit addition - admission of the additional evidence by CIT-A in restricting addition - Held that:- AO should have no objection if the additional evidence was entertained by the ld. CIT(A), as the same was first sent to him for verification. If he was not satisfied with the correctness of the assessee’s claim in the light of such fresh evidence, he could have controverted the same. AO chose to pick up deposit side of the bank accounts, totaled the same and made addition for the equal sum without giving benefit of the amounts withdrawn. In other words, certain amounts were withdrawn, then deposited, again withdrawn and re-deposited. When the position is such that there are certain debits and credits in the bank account, it is wholly impermissible to consider only the deposits in the bank account for the purposes of making addition by totaling ignoring the fact that there are withdrawals of the amount as well. In such a situation, it is a peak amount which is required to be added, which exactly has been done by the ld. CIT(A) in this case. The ld. DR could not point out any infirmity in the calculation of the peak amount, by which the ld. CIT(A) restricted the addition to ₹ 2.80 lac. We, therefore, uphold the impugned order. - Decided against revenue
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