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2017 (4) TMI 1477 - AT - Income TaxUnexplained cash deposits in bank account - peak credit - HELD THAT:- AO is directed to consider only the peak deposit in the S.B. Account for the purpose of assessing the income. Further since the account is in the name of three joint account holders therefore only 1/3 rd of the peak credit can be assessed in the hand of the assessee. As regards the claim of the assessee that this represents the business proceeds of the 3 HUFs it is noted that the assessee has not furnished any evidence in support of the claim except the return of income wherein the income was declared on estimate basis without mainlining the book of accounts therefore,the said contention of the assessee cannot be accepted. In view of the above, the order of the authorities below are set aside and the AO is directed to assess only 1/3 rd of the peak credit. Addition as interest income - AO found that the assessee has not offered the interest income from the deposit to tax - HELD THAT:- Before the Tribunal nothing has been produced to show that the assessee has already offered this income of ₹ 39,265. However if this interest income is pertaining to the deposits in the joint Savings Bank Account, then only 1/3 rd of the same can be added to the income of the assessee. Accordingly, the AO directed to verify the same and assess the interest income as indicated above.
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