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2023 (2) TMI 527 - ITAT DELHIAddition on account of peak credit in bank accounts - HELD THAT:- CIT(A) has given considerable relief to the assessee without the assessee establishing the existence of any business. The huge deposits and withdrawal in the bank account have permitted to be taken out the ambit of taxation on peak theory and only two peak have been added. In this process the CIT(A) has deleted addition made by the AO. Revenue has not filed any appeal in this regard. In our considered opinion, the assessee has been granted sufficient relief by authorities below and in our considered opinion the assessee does not need any more relief. We affirm the order of the Ld. CIT(A) in this regard. Estimated business profit - assessee has not co-operated and after adding the cash deposits, estimated the income - HELD THAT:- We find ourselves in agreement with this proposition that when the Ld. CIT(A) has already granted relief on cash deposits and added only peak credit, there is no justification of further addition of business profit. Hence, we set-aside the order of the authorities below on this issue and decide the issue in favour of the assessee. Appeal of the assessee is partly allowed.
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