TMI Blog2015 (5) TMI 1077X X X X Extracts X X X X X X X X Extracts X X X X ..... nown why this amount was withdrawn from Chennai and taken to Tuticorin for redeposit. Similarly, the money from the very same savings bank account was withdrawn from Tuticorin and was used to deposit in Chennai. Though this kind of statement is unbelievable, the Commissioner of Income-tax (Appeals) found that the money withdrawn would be available for the subsequent deposit, therefore, directed the Assessing Officer to take only peak credit.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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessing Officer disallowed the amount of ₹ 32,39,731 as unexplained cash credit. On appeal 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 According to the learned counsel, the money withdrawn from the bank was used for redeposit.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 assessee is one of the directors in M/s. Jenson Enterprises P. Ltd. which has its head office at Chennai and work place at Tuticorin. One Shri Esakki Mu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nk at Chennai. The assessee deposited a sum of ₹ 32,39,731 during the year under consideration. 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 The fact remains that monies from the assessee's savings bank account with Axis Bank were withdrawn by these two employees on the basis of the cheques issued by the assessee.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 that he was withdrawing the money from Chennai and redepositing at Tuticorin. When the assessee could withdraw at Tuticorin itself from the very same savings bank account, it is not known why this amount was withdrawn from Chennai and taken to Tuticorin for redepos ..... X X X X Extracts X X X X X X X X Extracts X X X X
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