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2015 (5) TMI 1077 - ITAT CHENNAI

2015 (5) TMI 1077 - ITAT CHENNAI - [2016] 50 ITR (Trib) 81 - Unexplained cash credit - peak credit addition - Held that:- The assessee issued cheques in favour of one Shri Esakki Muthu and Shri Chermakani, both are employees of M/s. Jenson Enterprises P. Ltd. The reason for issuing cheques was not known. The fact remains that monies from the assessee's savings bank account with Axis Bank were withdrawn by these two employees on the basis of the cheques issued by the assessee. The assessee claims .....

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t the money withdrawn would be available for the subsequent deposit, therefore, directed the Assessing Officer to take only peak credit. Therefore, the assessee cannot have any grievance on the direction given by the Commissioner of Income-tax (Appeals) to take peak credit. - Decided against assessee - I. T. A. No. 1232/Mds/2014 - Dated:- 15-5-2015 - N. R. S. Ganesan (Judicial Member) And A. Mohan Alankamony (Accountant Member) For the Appellant : M. Karunakaran, Advocate For the Respondent : N. .....

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0,27,531 as unexplained cash credit. According to the learned counsel, the assessee is a director in M/s. Jenson Enterprises P. Ltd. During the course of the assessment proceedings, the Assessing Officer found that a deposit of ₹ 32,39,731 was made on various dates in the savings bank account of the assessee held in Axis Bank. According to the learned counsel, the assessee explained before the Assessing Officer that his savings for the last 12 years and gift received from his mother and fa .....

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by the assessee, the Commissioner of Income-tax (Appeals), however, directed the Assessing Officer to take peak credit to the extent of ₹ 20,27,531. According to the learned counsel, the money withdrawn from the bank was used for redeposit. Therefore, the Commissioner of Income-tax (Appeals) is not justified in directing the Assessing Officer to take peak credit as unexplained cash credit. 3. On the contrary, Shri N. Madhavan, the learned Departmental representative, submitted that the as .....

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the directors, the amounts withdrawn by the employees are to be treated as withdrawn by the assessee. The claim of the assessee that the amount withdrawn from one place was deposited in another place, is not substantiated by producing any evidence. The amount was withdrawn in Chennai and it is not known how it could be deposited in Tuticorin. Similarly, the amount claimed to be withdrawn at Tuticorin was deposited in Chennai without any material evidence. In spite of that, the Commissioner of In .....

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