TMI Blog2014 (1) TMI 1769X X X X Extracts X X X X X X X X Extracts X X X X ..... eak credit in the bank account after considering cash withdrawals and cash deposits. In such work out he had excluded the withdrawals which were not made in cash. Thus in our opinion ld. CIT(Appeals) had properly gone through the Bank statements and held that only the peak credit could 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. - Decided against revenue - ITA Nos. 459 & 460/Kol/2011 - - - Dated:- 8-1-2014 - Shri Mahavir Singh (Judicial Member) And Shri Abraham P. George ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd ₹ 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 assessee sale proceeds were deposited in the Bank Account. Cash withdrawals were also made therefrom for the purpose of the business. Ld. CIT(Appeals) sought for a remand report based on the documents fi led by the assessee. Assessing Officer in the remand report stated that assessee failed to file any evidence for explaining the source of deposits in the Bank accounts. As per the Assessing Officer assessee could not produce any bi l ls or vouchers in support of his claim of cash sale ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d given considerable relief to him without 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 assessee were substantially in cash. There were very few entries of withdrawals other than through cash. When cash withdrawals and cash deposits were available, in our opinion Assessing Officer ought have considered the withdrawals as a source for explaining the deposits. Assessee had al l along stated that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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