TMI Blog2014 (12) TMI 1361X X X X Extracts X X X X X X X X Extracts X X X X ..... ld be put to prove that the there was a direct nexus between the debit and credit entries in the bank account of the assessee with ICICI Bank. Assessee claimed that the peak amount in this case, with regard to ICICI Bank comes to ₹ 2,97,297/-. In these facts of the case, we restore the issue in the grounds of the appeal of the assessee to the file of the AO with direction to make the addi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee is as under: 1. On the facts and in circumstances of the case as well as law on the subject, the ld.CIT(A) has erred in confirming the action of the AO in making addition of ₹ 26,77,745/- as unaccounted income deposited in undisclosed bank account. 3. The learned counsel for the assessee submitted that the AO has grossly erred in adding the entire amount in the bank accou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onsidered rival submissions and perused the orders of the AO and the CIT(A), and also copy of the bank account with the ICICI Bank filed in the compilation before us. We find that the only peak amount worked out, in accordance with accepted principles of accountancy, should have been added as income in the hands of the assessee. We are unable to accept the stand of the Revenue that the assessee sh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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