TMI Blog2016 (1) TMI 182X X X X Extracts X X X X X X X X Extracts X X X X ..... % of ₹ 2.46 crores adopted peak credit theory, which was also upheld by the Tribunal. No question of law arises. - Decided against revenue - Tax Appeal No. 908 of 2015 - - - Dated:- 22-12-2015 - Akil Kureshi And Mohinder 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. Upon perusal of the orders on record 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 opinion that entire amount of ₹ 2.46 crores deposited by the assessee in these two accounts during year un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is issue. We find that the CIT(A) has passed a detailed order on this issue. The admitted fact is that the two bank accounts of the assessee with Axis Bank and ICICI Bank Ltd. were not disclosed to the department. However, the legal position on this issue is well settled that only the peak amount in such type of case could be added as income in the hands of the assessee and not aggregate of the to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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