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2019 (10) TMI 827 - AT - Income TaxValidity of the assessment framed u/s 147 made on the dead person - whether the notice under section 143(2) under the Act was issued before the death of the assessee? - HELD THAT:- The statutory notice under section 143(2) was issued before the death of the assessee. It is the settled law that the proceedings under section 143(3) of the Act cannot become fatal if the notice was issued under section 143(2) of the Act on the live person at that relevant time but died subsequently. Regarding this, we find support and guidance from the order of Hon’ble ITAT in the case of Shri Ishwar Bhai-Magan Bhai Desai Vs. ITO [2018 (4) TMI 1209 - ITAT AHMEDABAD] Thus we hold that the proceedings under section 143(3) of the Act cannot become invalid in the given facts and circumstances. Addition on account of income from undisclosed sources - addition on account of income from undisclosed sources - HELD THAT:- Assessee failed to furnish the details of the parties who have deposited the cheque in his bank account. Similarly, the assessee also failed to furnish the details of the party to whom he issued the cheques. Thus in the absence of sufficient documentary evidence about the details of the parties, it is not possible to ascertain the nature of the transactions. Accordingly, we are not impressed with the argument of the assessee. The peak credit is applied where the assessee can correlate the deposits viz a viz withdrawal from the bank. As the assessee failed to establish the correlation between the deposit of cheques as well as cheques withdrawn from the bank. Therefore we are reluctant to apply the peak credit theory in the given facts and circumstances. No reason to interfere in the finding of the learned CIT-A. Hence the ground of appeal of the assessee is dismissed.
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