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2016 (4) TMI 806 - AT - Income TaxAddition on unexplained peak cash credit - Held that:- The peak credit submitted by the assessee before the AO had not been controverted by the lower authorities as such there was debit balance which means the assessee firm had advanced the money from the regular books of account. Therefore, we delete the addition confirmed by the ld. CIT (A) as fund advances from the regular cash book but the transactions of loan were recorded in diary on which assessee earned the interest & had not been shown in regular books of account. Thus we confirmed the addition on account of interest at ₹ 20,000/-. For A.Y. 1999-2000, the ld. AO had not given credit of investment in purchase of ₹ 20,90,604/- against unexplained peak cash credit of ₹ 19,60,000/- which is tantamount to double addition. Therefore, addition made on account of unexplained cash peak credit of ₹ 19,60,000/- is also deleted in A.Y. 1999- 2000. - Decided partly in favour of assessee
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