TMI Blog2012 (5) TMI 693X X X X Extracts X X X X X X X X Extracts X X X X ..... e case are not yet collected. However on careful perusal of the cross appeals we consider it to dispose of the same without any additional papers,. Therefore we reject the adjournment application filed by the ld. Counsel for assessee. 3. The grounds taken by the revenue as well as the assessee in this appeal are as under :- ITA No.141/Kol/2012 (By the revenue): 1. That the Ld. CIT (A) was not justified in allowing assessee the benefit of Peak credit in cases of cheques issued by him in spite of the fact that the assessee has failed to explain how the funds withdrawn by him by issuing cheques to different parties were recycled for deposits into the bank a/cs. II. That the Ld. CIT (A) was not justified in directing the A.O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sl.No. Name of the a/c holder Bank Branch A/c No. Amount found (lakhs) Amount seized (lakhs) Dt.of search 1. Kankan Textiles ICICI Bank, Kolkata 000605005027 10.08 10.08 9.11.2004 2. Pinky Hosiery ICICI Bank, Kolkata 627605251425 5.24 5.23 26.10.2004 3. Puja Traders ICICI Bank, Kolkata 627605251442 14.21 14. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d withdrawals in/from the six bank a/cs which comes to ₹ 57,90,000/- should be taken as his disclosed income. The A.O. rejected the assessee s claim and the sum of all the deposits in the said six bank a/cs of ICICI Bank i.e ₹ 24,11,93,400/- was taken as income of the assessee from undisclosed source. The cash of ₹ 19.76 Iakhs which was seized by police at Indore from Durgesh Parekh and Manoj Bhati was also treated as undisclosed income of the assessee. The assessment was completed u/s 143(3) at a total income of ₹ 24,32,90,320/-. 4.1. On appeal the ld. CIT(A) in his order dated 08.10.2007 directed the AO to treat ₹ 1,03,48,400/- as undisclosed income of assessee in place of Rs..24,11,93,400/-.and ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cts in view we set aside the orders of the lower authorities with the direction to ascertain the facts in respect of the debit side of the accounts to apply the theory of peak credit. 4.3. While doing the re-assessment as per the direction of the ITAT the AO made an addition of ₹ 10,21,96,300/-on account of peak credit. 4.4. On appeal the ld. CIT(A) has restricted the addition to ₹ 1,03,48,400/- by treating the peak credit of each of the six bank accounts. 4.5. Aggrieved by this assessee as well as the revenue are in appeal by taking the above grounds. 5. After hearing the rival submissions and on careful perusal of materials available on record, it is observed that neither the AO nor the ld. CIT(A) has followed th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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