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2019 (7) TMI 422 - AT - Income TaxAddition of Peak credit -t he assessee net result in share broking business was loss hence not shown and claimed in the return - on a query, the assessee filed ledger account for commodity share broking, copy of bank account with Axis Bank, statement of account with Aditya Birla Commodities Broking Ltd., profit & loss account, personal account and balance sheet etc. - AO worked out the peak credit of ₹ 17,84,920/- and added the same to the total income - HELD THAT:- The case of the assessee before the Assessing Officer was that in respect of commodity share broking, he has suffered loss therefore, same is not claimed in the return of income. CIT(A) it was submitted that his wife has given cash, amounting to ₹ 16.00 lakhs, which was received from her mother and submitted that same may be considered. We find that in the first instance, his case before the AO is that due to loss, transaction is not reflected in the return of income. At appellate stage, he changed his version completely and submitted that his wife has received gift from her mother and the same is given to the assessee. Inconsistent plea taken by the assessee cannot be accepted. CIT(A) has examined the alternative plea of ₹ 16.00 lakhs received from his wife and observed that the assessee failed to prove the creditworthiness and genuineness of the transaction. Therefore, confirmed the order of the Assessing Officer. That apart, return filed by the assessee was beyond due date of filing of return, therefore, the assessee cannot claim business loss after due date. CIT(A) by examining all the facts and details submitted, confirmed the order of the Assessing Officer - Decided against assessee.
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