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2016 (1) TMI 1397 - AT - Income TaxAddition made u/s 69A - undisclosed bank account - addition only to the net profit of the excess of deposits over withdrawals instead of peak credit addition - Held that:- We find that no material has been brought on record by the Learned AR to controvert this finding. The action of the CIT(A) in deciding this issue cannot be faulted with. The arguments of the AR that only the net profit of the undisclosed bank account should be brought to tax does not hold any water as in the instant case, there is no material brought on record that the sources for deposits and withdrawals emanate out of the business transactions of the assessee. We find from the case relied upon by the Learned AR on the decision of Hon’ble Calcutta High Court, there was a clear cut finding recorded by the tribunal that the credits in the undisclosed bank represents undisclosed business receipts and withdrawals made thereon represent undisclosed business expenditure. In these circumstances, the Hon’ble Calcutta High Court affirmed the view of the tribunal to adopt the net profit thereon for the purpose of taxation. The facts in the instant case are squarely distinguishable from facts before the Hon’ble Calcutta High Court. Accordingly, the grounds raised by the assessee as well as the revenue are dismissed.
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