9911796707
TMI Blog2014 (1) TMI 1769X X X X Extracts X X X X X X X X Extracts X X X X ..... are appeals f i led by the Revenue directed against orders dated 03.01.2011 of Commissioner of Income Tax (Appeals)-XII, Kolkata for the impugned assessment years. 2. Nobody appeared for the assessee. However assessee has filed an adjournment pet it ion. Since matter has been adjourned for a number of times earlier we are not inclined to accept i t. The adjournment petition is, therefore, reject ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o explain the source of these deposits. Therefore, the Assessing Officer made an addition of Rs. 20,53,200/- for assessment year 2006-07 and Rs. 29,12,500/- for the assessment year 2007-08. 4. Assessee moved in appeals before the CIT(Appeals) for both the years. Argument of the assessee was that the deposits and withdrawals in the bank accounts, related to his garment business. As per the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ls) had held that entire deposits in the Bank account could not be treated as undisclosed income but only peak credit was liable for addition. Ld. CIT(Appeals) after verifying the Bank statement found that the peak credit in the Bank accounts for previous year relevant to assessment year 2006-07 came to Rs. 8,80,536/- and for assessment year 2007-08 came to only Rs. 12,18,564/-. Since the peak cre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... properly appreciating the factual aspects. As already mentioned nobody appeared for the assessee. 7. We have heard the contentions of ld. D.R. and perused the material available on record. Though the assessee has not appeared before us, he has filed a paper book, in which copies of Bank statements are available. A cursory glance of the Bank statements clearly show that withdrawals made by the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d be assessed to tax. In doing so, ld. CIT(Appeals) also considered the peak credits already considered in the preceding assessment year 2005-06. In fact, Revenue has not been able to point out whether any appeal has been filed before this Tribunal against the order of ld. CIT(Appeals) for assessment year 2005-06. In this view of the matter, we are of the opinion that the appeals of the Revenue ar ..... X X X X Extracts X X X X X X X X Extracts X X X X
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