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2016 (10) TMI 198 - ITAT KOLKATAUnexplained cash credit - peak credit theory - CIT(A), after taking into consideration the deposits and withdrawals restricted the peak addition at ₹ 3,14,434/- Held that:- The ld. DR before us could not adduce anything whether with respect to the peak credit assessed by the ld. CIT(A) is wrong. We find that the assessee has offered peak credit composition on the basis of transaction recorded in the bank account and that the CIT(A) and the Revenue could not point out any defect in the same. In view of the above facts and circumstances of the case, we are of the view that the CIT(A) has accepted the peak credit after AO’s remand report and with careful calculation. We find no infirmity in the order of the CIT(A) in stating with the part addition on the basis of the peak credit and part addition based on the net profit of the assessee - Decided against revenue
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