TMI Blog2015 (3) TMI 1207X X X X Extracts X X X X X X X X Extracts X X X X ..... icer has simply picked up the deposit side of the pass-book and made the addition for all the deposits made in the bank accounts, ignoring that there are several withdrawals also. This course of action adopted by the Assessing Officer in making the addition for all the deposit entries in the bank accounts, has no sanction of law. If there are certain deposits and withdrawals as well and there is n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sh. Dinesh Chandra Agarwal, CA Respondent by : Sh. Vikram Sahay, Sr. DR ORDER PER R.S. SYAL, A.M. : This appeal by the assessee arises out of the order passed by the CIT(A) on 28.02.2013 in relation to the assessment year 2009-10. 2. The only issue raised in this appeal is against the confirmation of addition of ₹ 45,50,775/- towards unexplained cash deposits in bank, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... #8377; 45,50,775/-. The assessee is aggrieved against the sustenance of this addition. 4. We have heard the rival submissions and perused the relevant material on record. The only dispute in this appeal is against the addition made by the Assessing Officer towards certain deposits made in two bank accounts maintained by the assessee, totaling ₹ 45.50 lakhs. The assessee furnished cash flo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny investments made by the assessee, the presumption is that such withdrawals were utilized for making deposits. In such circumstances, the making of addition to the extent of peak credit is a more rational way rather than all the deposit entries. We, therefore, set aside the impugned order on this score and send the matter to the file of Assessing Officer for making an addition for an amount equa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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