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2015 (3) TMI 1207 - ITAT DELHI

2015 (3) TMI 1207 - ITAT DELHI - TMI - Addition towards unexplained cash deposits in bank - income from undisclosed sources - Held that:- We have seen a copy of the bank account maintained by the assessee with ICICI Bank Ltd., from which it is apparent that there are several items of deposits and withdrawals. The Assessing Officer 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 withdrawal .....

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al 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 equal to peak balance in these bank accounts. Needless to say, the assessee will be allowed a reasonable opportunity of being heard in such fresh proceedings. - Decided in favour of assessee for statistical purposes. - ITA No. 2906/Del /2013 - Dated:- 27-3-2015 - SH. R.S. SYAL, A.M. & SH. A.T. VARKEY, J .....

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r found during the course of assessment proceedings that the assessee had deposited a sum of ₹ 34,65,775/- in ICICI Bank Ltd. and ₹ 10,85,000/- in HDFC Bank Ltd. Since the assessee did not participate in the assessment proceedings, the assessment was finalized under Section 144 of the Income-tax Act, 1961 (for short the Act ) making addition, inter alia, for a sum of ₹ 45,50,775/-. The learned CIT(A) required the Assessing Officer to submit remand report on the additional evide .....

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