TaxTMI 
TaxTMI 
2017 (8) TMI 1532
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....ed against the order passed by the Ld. Commissioner of Income Tax (Appeals)- Puducherry, dated 27.12.2016 in ITA No.29/CIT(A)-PDY/2014-15 for the assessment year 2011-12 passed U/s.250(6) r.w.s.143(3) of the Act. 2. The assessee has filed the appeal with a delay of 42 days. The assessee has filed a condonation petition stating that by oversight they have failed to file the appeal within the due ....
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.... Ld.CIT(A) to Rs. 38,22,700/-. 4. The brief facts of the case are that the assessee is a HUF earning income from tanker lorry operations and also trading in provisions & general goods, filed its return of income for the assessment year 2011-12 on 28.09.2011 electronically, admitting total income of Rs. 2,51,756/-. Initially the return was processed U/s. 143(1) of the Act and subsequently the cas....
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....nt was receipts from its tanker lorry operation. However, it was further observed that the assessee had operated the tanker lorry only for two months in the relevant previous year. Therefore, the Ld.AO computed the peak cash credit of the assessee as its unaccounted income which worked to Rs. 23,14,320/-. 6. On appeal, the Ld.CIT(A) held the peak credit to be the cumulative cash credit made in t....
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....I find the cash credit computed by the Ld.CIT(A) is not appropriate because he has adopted the cumulative cash deposited in the bank account as the peak credit. The computation of peak credit by the Ld.AO is appropriate because he has computed the peak credit based on the peak credit of the assessee on any given point of time in the bank account during the relevant assessment year. Further, the as....