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2019 (10) TMI 718 - ITAT BANGALOREAssessment u/s 153A and 153C - HELD THAT:- As well as applicability of section 153A and 153C in case of assessee and his wife respectively where it has been alleged that search action under 132 itself was invalid. It has been submitted that search initiated was without assuming jurisdiction to make assessment under section 153A and 153C of the Act in respective cases. Admittedly, both sides submitted that this issue is no longer res integra, by virtue of Explanation to Section 132 (1), being introduced with retrospective effect by Finance Act 2017. Accordingly, grounds raised by both assessee challenging validity of search under section 132 stands dismissed. The issue raised by assessee is on merits is regarding peak credits in unaccounted bank accounts of assessee’s. As submitted that peak credit has to be computed on the basis of actual deposits and withdrawal and not on the basis of cash deposit alone. Accordingly, we set aside the issue back to Ld. AO for re-computing peak credit, taking into account both deposits as well as withdrawal during relevant period for assessment years under consideration in case of both assessee is before us. Accordingly, grounds raised by assessee’s on merits stands allowed for statistical purposes.
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