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2022 (7) TMI 841 - AT - Income TaxUnexplained Cash Credit u/s. 68 - addition of the peak credit - assessee submitted that details contains in seized paper include cash deposited as well as cash withdrawal and therefore, redeposit should be considered as being made out of such withdrawal and only peak credit should be considered as unexplained - HELD THAT:- In the seized paper, the first payment of Rs.3,20,000/- has been shown and thereafter there is a receipt of Rs.30,000/- on 30.07.2007 and receipt of Rs.10,00,000/- on 14.08.2007. Further on 12.09.2007 Rs.5,00,000/- has been shown to be paid and on 30.09.2007 again Rs.5,00,000/- has been shown as receipt. The details of payments and receipts are recorded on one page and in chronological order. In such circumstances, the peak credit amount as worked out in table reproduced in earlier paragraph only remains as unexplained in the hands of the assessee. The finding of CIT(A) that there is no continuous deposit is without appreciation of the facts properly. The contention of the assessee of adopting peak credit is justified. Accordingly, we restrict the addition in the case to Rs.3,20,000/-. Appeal of assessee partly allowed.
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