9911796707
TMI Blog2016 (3) TMI 1093X X X X Extracts X X X X X X X X Extracts X X X X ..... sessing Officer's action inter alia making additions of unexplained cash credit u/s. 68 and unaccounted income from undisclosed sources of Rs. 13,22,400/- and Rs. 12,55,501/-; respectively as affirmed in the lower appellate proceedings. It emerges that factual background of both these issues is common. The assesseeindividual is an employee of M/s. Sky and Skylark Industrial Products, GIDC Ankleshwar and a partner in M/s. Rohan Chemicals. The Assessing Officer in the course of scrutiny noticed him to have maintaining two bank accounts with HDFC Bank and the Anklesh Udhognar Co-operative Bank. He had made cash credit of Rs. 13,22,400/- in the former account and credit entries of Rs. 12,55,501/- in the latter one. The Co-operative Bank account ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fication revealed that the above stated cheques were self drawn to prove all the debit entries were withdrawals by the assessee himself. The Assessing Officer treated these sums as unaccounted income from undisclosed sources for making the impugned additions of Rs. 12,55, 501/-. 4. The assessee preferred appeal. The CIT(A) has affirmed the Assessing Officer's findings. He further rejects assessee's plea to take peak credit of the deposits in question on the ground that the relevant credit/deposit entries did not prove that it was the same cash withdrawn and re-deposited but involved third parties/friends. This made the assessee to prefer the instant appeal. 5. We have heard rival contentions. Case file perused. Both parties reiterate thei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... We find no substance in his argument challenging the impugned additions on merits. 6. The assessee's next argument seeks to invoke peak credit principle in the impugned addition. His case is that the relevant credit transactions have corresponding debit transactions wherein the very amount has been re-deposited. We find the same to be entirely a misconceived plea. We revert back to his explanation that his friends throughout the country have made the impugned deposits/credits without specifying their identity. This is his case from the beginning that he had been involved in transferring in and out the very sum of money. We are of the opinion in this backdrop of fact that this third party indulgence in making the impugned credits and deposi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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