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2022 (7) TMI 486 - ITAT HYDERABADAddition u/s 68 - addition by applying the peak credit theory on the ground that the assessee failed to submit proper explanation in support of the deposits and withdrawals in the Axis Bank Account - HELD THAT:- We find the learned CIT (A) sustained the addition made by the Assessing Officer. It is the submission of assessee that the groups as a whole had already disclosed additional income of Rs.22.15 crores on account of any possible errors/omissions and therefore, the addition again will amount to double addition. We find some force in the above arguments of the learned Counsel for the assessee. We find identical issue had come up before the Coordinate Bench of the Tribunal in the case of Shri Mohd.Naseeruddin the brothers of the assessee. We find after considering the submission of the assessee as well as the Revenue, the Tribunalhas deleted the addition made by the Assessing Officer u/s 68 of the Act towards unexplained cash deposits. Since the facts of the instant case are identical to the facts of the case decided by the Tribunal in the case of the brother of the assessee, therefore, respectfully following the same, we set aside the order of the learned CIT (A) and direct the Assessing Officer to delete the addition. The ground raised by the assessee on the issue of addition u/s 68 is accordingly allowed.
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