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2020 (5) TMI 435 - AT - Income TaxAddition u/s 69A - Unexplained deposits in the bank account - alternate contention of assessee that only the peak credit should be added and not the entire deposits in the bank account since the corresponding withdrawals from the said bank account have not been considered - HELD THAT:- A perusal of the deposit and withdrawals in the said bank account filed by the assessee shows that there are systematic deposits as well as withdrawals. The assessee is engaged in the business of readymade garments, therefore, taxing only the deposits without giving corresponding credits to the withdrawals, in my opinion, will be not justified in the instant case especially when the assessee is a small trader. Since the peak credit comes to ₹ 7,70,390/-, therefore, modify the order of the CIT(A) and restrict the addition to ₹ 7,70,390/-. The grounds raised by the assessee are accordingly partly allowed.
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