TMI Blog2015 (2) TMI 1174X X X X Extracts X X X X X X X X Extracts X X X X ..... T(A) was justified in deleting the addition on account of low GP - Decided against revenue Undisclosed bank accounts transactions - CIT(A) deleted the addition - Held that:- 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 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/-, and the same has been confirmed as income in the hands of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... k Vora, AR O R D E R PER G.C. GUPTA, VICE-PRESIDENT: This appeal by the Revenue for the Asstt.Year 2008-2009 is directed against the order of the CIT(A). 2. The ground no.1 of the appeal of the Revenue is as under: 1. On the facts and in circumstances of the case and in law the CIT(A) has erred in deleting the addition of ₹ 1,34,836/- on account of low GP. 3. The learned DR submitted that there is a fall in GP of the assessee which the assessee could not explain, and therefore, the addition made at 1% of the turnover of the assessee at ₹ 1,34,836/- was quite justified. He submitted that the GP shown by the assessee for the relevant year was 6.96% in sari and dress material business, which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es of the case and in law the CIT(A) has erred in deleting the addition made by the AO of ₹ 2,46,75,333/-.: (a) Despite the fact that assessee failed to explain the source of the credit made in the two undisclosed bank a/c. (b) Holding that cash deposits made in unaccounted bank accounts by the out of states customers despite the fact that the assessee failed to furnish any documentary evidence in support of his claim. (c) Accepting fresh evidence regarding cash deposits filed in the appellate proceedings without calling remand report, thereby violating the provision of Rule 46A of the IT Rules, 1962. 6. The learned DR submitted that the CIT(A) has deleted the addition of ₹ 2.46 crores which represe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ghtly calculated at ₹ 22,58,223/-. In these facts of the case, we are of the view that no interference in the order of the CIT(A) is called for, and the ground no.2 of the Revenue is dismissed. 8. The ground no.3 of the Revenue is as under: 3. On the facts and in the circumstances of the case and in law, the CIT(A) has erred in deleting the addition of ₹ 11,51,810/- made on account of unaccounted closing bank balance. 9. The learned DR submitted that the addition of ₹ 11.51 lakhs were made on account of closing bank balance in these two undisclosed bank accounts of the assessee with Axis Bank and ICICI Bank Ltd. and the addition has been wrongly deleted by the CIT(A). He referred to relevant portions of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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