TMI Blog2005 (1) TMI 424X X X X Extracts X X X X X X X X Extracts X X X X ..... titled to take up a plea of addition of the aforesaid peak credit as the entire deposits have been treated to be income of the applicant – Contention of applicant-assessee is wholly misconceived - As in the present case the amount of cash credits were standing in the names of different persons which all along the applicant had been claiming to be genuine deposit, withdrawal/payment of the amount t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessment year 1979-80. Briefly stated the facts giving rise to the present reference are as under: During the assessment year in question certain amount of cash credits standing in the names of various persons were added in the income of the applicant by invoking the provision of section 68 of the Act. Before the Tribunal the alternative plea was taken by the applicant that in the event ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ich were available to the assessee after the withdrawal of the amount from the account of 'A'. We cannot subscribe to this point of view. According to us, if the assessee is not able to prove the genuineness of the deposit in the account of 'B', a separate addition in respect of that will be required to be made. As per the provisions of section 68, where any sum is found credited in the books of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... derstand as to how the assessee can put forward the claim that separate additions for the unexplained cash credit in different accounts should not be made. When the assessee himself does not contend that the deposit made in the account of 'B' is out of prior withdrawal made in the account of 'A', how does the assessee expect the Department to subscribe to this point of view. We hence reject this c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e present case the amount of cash credits were standing in the names of different persons which all along the applicant had been claiming to be genuine deposit, withdrawal/payment of the amount to different set of persons during the previous years would not at all entitle the applicant to claim benefit of peak credit. In this view of the matter we do not find any legal infirmity in the order of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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