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Pr. Commissioner of Income Tax-3 Versus Shri Indrajeet Zandusing Tomar

2016 (1) TMI 182 - GUJARAT HIGH COURT

Peak credit - undisclosed bank account - ITAT deleted the addition - Held that:- CIT (A) and Tribunal committed no error. There was nothing with the department to suggest that entire deposit of ₹ 2.46 crores represents the income of the assesse .....

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er Pal, JJ. For the Appellant : Sudhir M Mehta, Adv ORDER ( Per : Honourable Mr. Justice Akil Kureshi) 1. Revenue is in appeal against the order passed by the Tribunal raising following questions for our consideration. (A) "Whether on the facts .....

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total credit entries of ₹ 2,46,75,333/- and the source of the same was never substantiated / proved by the assessee either at the assessment proceedings or appellate proceedings?" (B) "Whether on the facts and circumstances of the ca .....

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ecord with the assistance of the learned counsel for the revenue, we noticed that the assessee had maintained two bank accounts one in AXIS bank and another in ICICI Bank which were not disclosed to the Department. The Assessing Officer was of the op .....

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e total turnover and therefore, only such amount which represents 1% of the total deposit be added as income. 3. CIT (A) did not accept the assessee's plea of income of 1% by way of commission and at the same time, also did not accept the Assessi .....

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nal by the impugned judgment making following observation: "7. We have considered rival submissions and perused the orders of the AO and the CIT(A) on this issue. We find that the CIT(A) has passed a detailed order on this issue. The admitted fa .....

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e in the hands of the assessee and not aggregate of the total credit side of the account. In this case, the CIT(A) has recorded that the peak amount of two bank accounts with Axis Bank and ICICI Bank Ltd. taken together comes to ₹ 22,58,223/-, .....

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