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2017 (2) TMI 393 - ITAT DELHI

2017 (2) TMI 393 - ITAT DELHI - TMI - Taxation of entire deposits in the bank - peak surrendered by assessee - Held that:- Admittedly, neither any other source of income has been pointed out by AO nor any investment out of withdrawals from bank has been shown. Under such circumstances, assessee’s explanation that both the bank accounts were in relation to its business, cannot be doubted. In our opinion, the peak surrendered by assessee should have been accepted by lower revenue authorities, in t .....

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he order of the Ld. CIT(A), Faridabad is bad in law and on facts. 2. That on the facts and in the circumstancse of the case the appellant denies his liability to be assessed u/s. 144 and consequently to pay tax thereon. 3. That on the facts and in the circumstance of the case the Ld. CIT(A) Faridabad erred in : A) Rejecting the claim of the appellant for surrender of peak credit of the cash deposited in to the bank accounts to the tune of ₹ 4,68,550/- made before the Ld. CIT(A) in good fai .....

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each other. 2. Brief facts of the case are that the assessee had filed return declaring income at ₹ 1,73,360/- on 31.3.2010 which was processed on the returned income. The case was taken for scrutiny through CASS. Notice u/s. 143(2) of the I.T. Act, 1961 was issued on 14.9.2010 fixing the case for 22.9.2010. Again notices u/s. 143(2) and 142(1) of the I.T. Act, 1961 dated 31.1.2011 alongwith questionnaire issued for 10.2.2011. Again notices u/s. 143(2) and 142(1) of the I.T. Act, 1961 dat .....

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ed that it is an unaudited case and gross receipts / sales during the year was not shown only declaring business gain of ₹ 2,65,360 and filed his return as traders. AO observed that from the return it is not verifiable whether books of accounts has been maintained or not. In view of the above, information/ documents obtained from the bank and after examination of the same, assessment of the income of the assessee was made. The AO noticed that assessee has deposited ₹ 23,90,000/- in c .....

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but no reply/evidence and sought adjournment. Thereafter, the case was adjourned to several dates on the request of the assessee s counsel and last opportunity was given by issuing the show cause dated 25.11.2011 for fixing the case on 2.12.2011 to complete the ex-parte u/s. 144 of the Act. was filed only. Thereafter, AO observed that on perusal of return of the assessee, it was found that assessee has not declared any sale declaring business gain of ₹ 2,65,360/- during the year under con .....

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gainst the assessment order, assessee appealed before the Ld. CIT(A) and also filed additional evidence under Rule 46A, which was forwarded to AO for examination, both with regard to the admissibility of additional evidence and the merit of addition made in the light of additional evidence, submitted by the assessee. AO s report has been reproduced in the CIT(A) s order, after considering which ld. CIT(A) confirmed the addition of ₹ 38,36,000/- on account of unexplained cash deposit in the .....

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O has not been able to substantiate in his report as to why peak credit balance may be accepted, the assessee s contention was to be rejected. 4. Now the Assessee is aggrieved against the impugned order and filed the present appeal before the Tribunal. 5. At the threshold, Ld. Counsel of the Assessee has stated that the issues involved in the present appeal are squarely covered by the ITAT, C Bench, New Delhi in ITA no. 1139/Del/2014 (AY 2009-10) in the case of Hansraj S/o Sh. Ishria vs. ITO, Fa .....

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, Faridabad passed in ITA No. 1139/Del/2014 (AY 2009-10) dated 26.6.2016. I find considerable cogency in the assessee s counsel in relying upon the aforesaid decision of the ITAT, New Delhi. For the sake of clarity, I am reproducing the finding given vide para no. 5 to 7 at pages 4 to 5 of the ITAT, Delhi decision dated 26.6.2016 in the case of Hansraj vs. ITO, Faridabad passed in ITA No. 1139/Del/2014 (AY 2009-10) as under:- 5. We have considered the submissions of both the parties and have per .....

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