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2016 (4) TMI 862 - AT - Income TaxAddition representing cash/cheque deposits in undisclosed bank account maintained with ICICI Bank - Held that:- The transactions in the undisclosed bank account maintained with ICICI Bank has to be brought to tax by adopting the peak credit method. Thus, the assessee is hereby directed to furnish the workings of the peak credit, which needs to be verified by the ld.AO about its veracity. Hence, we deem it fit and appropriate, in the interest of justice and fair play, to set aside this issue to the file of the ld.AO, to frame this addition based on the workings of peak credit as would be given by the assessee and of course, after verification by the ld.AO. - Decided in favour of assesseefor statistical purpose. Deemed dividend u/s. 2(22)(e)- Held that:- We find from the said documents that the lending company at the outset does not possess any accumulative profit. We also find that there are some discrepancies with regard to the names of the shareholders. We also find that the lower authorities have not examined the aspect of availability of accumulated profits of the lending company. In these circumstances, we deem it fit and appropriate, in the interest of justice and fair play, to set aside this issue to the file of the ld.AO to verify the register of the shareholders of the lending company and other relevant documents in order to ascertain the true shareholding pattern of the said company during the financial years 2007-08 and 2008-09 and to give a definite finding with regard to availability of accumulated profits of the lending company and decide the issue in accordance with law.- Decided in favour of assessee for statistical purpose. Addition on account of alleged director’s remuneration - Held that:- As find from the relevant page of the paper book that the assessee had borrowed loan and also repaid the same by cheques to said M/s. G.S Fertilisers Pvt. Ltd to the tune of ₹ 1,45,000/-. We find that this aspect has also not been examined by the ld.AO. Accordingly, we deem it fit and appropriate, in the interest of justice and fair play, to set aside this issue to the file of the ld.AO to verify the same. - Decided in favour of assessee for statistical purpose. Addition on reimbursement of taxes - Held that:- The assessee indeed had received the monies from the said companies, which were duly credited in the bank account of the assessee maintained with State Bank of Hyderabad and immediately the same were indeed paid towards tax payment of the said companies through on line banking facility. We also find from the tax remittance challan as produced before us that the version of the assessee is correct. We further find that the bank account maintained with State Bank of Hyderabad is already disclosed bank account by the assessee in the return of income. While this is so, there is no need to make any addition on this issue.- Decided in favour of assessee Addition representing cash deposits in the bank - Held that:- There is cash withdrawal of ₹ 34,000/- on 13-10-2008. The revenue had not not brought any contrary material/evidence to prove that this sum of ₹ 34,000/- was spent by the assessee for some other purpose. Accordingly, this would definitely remain as source for the assessee to explain the cash deposit in part. Hence, we deem it fit, appropriate and in the interest of justice, to grant relief to the extent of ₹ 34,000/- and confirm the balance of addition of ₹ 16,000/- as unexplained cash deposit in the bank. - Decided in favour of assessee in part
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