TMI Blog2022 (8) TMI 448X X X X Extracts X X X X X X X X Extracts X X X X ..... /- was confirmed as undisclosed capital i.e. total addition of Rs. 16,00,028/- - Rs. 6,00,000/- = Rs. 10,00,028/- as undisclosed capital and it was a reasonable order passed under the provisions of law and accordingly we sustained the order passed by the CIT(A). Appeal of the assessee is dismissed. - I.T.A. No. 183/PAT/2019 - - - Dated:- 3-8-2022 - SHRI MANISH BORAD , ACCOUNTANT MEMBER And SHRI SONJOY SARMA , JUDICIAL MEMBER For the Appellant : None For the Respondent : Shri Rupesh Agrawal , Sr. DR ORDER PER SONJOY SARMA , JM : The present appeal has been preferred by the assessee against the order of ld. CIT(A), Jamshedpur dated 06.03.2019 [hereinafter referred to as CIT ] passed u/s 250 of the Income Tax Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... et aside. However, perusal of the record, it is noticed that the sole grievance of the assessee is confirmation of addition of Rs. 10,00,028/- made by ld. CIT(A) on account of peak credit, being undisclosed capital in the bank accounts of the assessee. 3. Brief facts of the case are that the assessee did not file its return of income for the assessment year 2012-13. However, the assessee had entered into a financial transaction and made cash deposits amounting to Rs. 66,18,000/- in various bank accounts. The AO was believed that such income chargeable to income tax accordingly the AO issued notice u/s 148 and u/s 142(1) of the Income-tax Act, 1961upon the assessee. However no compliance had been made by the assessee in response to such n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... turnover and the amount deposited in the above mentioned bank account. Therefore, peak credit balance is taken for undisclosed circulating capital investment in bank account. Peak credit balance of Axis bank A/c. No. 92501501904 of ICICI Bank comes to Rs. 8,00,000/- on 29.02.2012. Taking a reasonable view, peak deposit of Rs. 1,60,028/- i.e. explained investment by the assessee and therefore added to total income. Total income of the assessee is thus calculated as under: 1 Income from business: as discussed in para A(i) above: Rs. 5,29,440/- Add: as discussed in para (A)(ii) above Rs. 1,60,028/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. Being aggrieved by the above order the assessee preferred an appeal before the ld. CIT(A) and the appeal of the assessee was partly allowed vide order dated 06.03.2019. 5. Aggrieved by the said order of the ld. CIT(A), the assessee is in appeal before us. 6. At the time of hearing none appeared on behalf of the assessee. Although the notices were issued to the assessee by the registry from time to time by informing about the hearing of the appeal. The conduct of the assessee shows that the assessee has no interest to peruse the appeal and as such we have no other option but to decide the appeal with the assistance of ld. DR. 7. The ld. DR submitted that the ld. CIT(A) had given substantive relief to the assessee an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hands. No credit for the same has been given by AO. In the interest of justice, I consider a sum of Rs. 6,00,000/- as capital to be genuine, i.e. out of accumulated past savings. Thus, the remaining amount of Rs. 10,00,028/- is confirmed as undisclosed capital. That means, the addition of Rs. 6,00,000/- , out of total addition of Rs. 16,00,028/- is deleted and the remaining amount of Rs. 10,00,028/- is confirmed. As a result, this ground of appeal is partly allowed. 3.2 Other grounds of appeal and contentions of the Appellant have become infructuous or are only consequential in nature. The same are, therefore, not adjudicated. 4. In the result, the appeal is partly allowed. 8. We after going through the findings of ld. CI ..... X X X X Extracts X X X X X X X X Extracts X X X X
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