TMI Blog2017 (5) TMI 1790X X X X Extracts X X X X X X X X Extracts X X X X ..... thdrawals cannot be a source of subsequent deposits. In these circumstances, Assessee request for bringing to tax the peak credits can be accepted. Even though this working is not verifiable by us in the absence of complete details of domestic expenditure or expenditure which is in nature of outgoing out of the withdrawls and the Receipt-Payment statement. Since this aspect was not examined by A.O, we set aside the issue to the file of the A.O to examine the peak credit, based on receipts and payments statement of Assessee and the consolidated deposits and withdrawals in the five banks and to bring to tax only the amount of peak credit / deficit cash as the case may be. Assessee should be given due opportunity by AO to file necessary det ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on. In the alternate, Assessee requested to compute the peak credit considering the withdrawals also. Ld. CIT(A) did not accept Assessee contentions by stating as under: 3.3 During the course of appellate proceedings the appellant reiterated that the cash withdrawals made from the bank were the sources for the cash deposits made. As mentioned in the earlier paras almost all the accounts of the appellant are with the same branch of Axis Bank, i.e., in Journalists Colony, Jubilee Hills, Hyderabad. The deposits in Andhra Bank was a small amount of Rs. 4,84,000/- made only on three occasions in the entire year: Date Amount 22.07.2009 Rs. 1,94,000/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are different. All the accounts of the assessee are disclosed. Hence it is not correct to compute peak credit, as I consider that cash withdrawals are not sources for cash deposits. As the explanation given by the appellant is not satisfactory, and there is not nexus between withdrawals and deposits, the addition made by the A.O of Rs. 103,28,500/- is confirmed. Therefore this ground of appeals is dismissed. 4. In this present appeal, Assessee has raised the following grounds: 2. The Ld. CIT(A) erred in confirming the addition made of Rs. 1,03,28,500/- by holding that the aggregate of the deposits made would represent the income of the appellant. The Ld. CIT(A) ought to have considered the fact that peak of the amounts deposited wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n in cash. Considering that there is no allegation that Assessee has made unexplained investments and/or indulging any business, there is nothing on record to say that the withdrawals cannot be a source of subsequent deposits. In these circumstances, Assessee request for bringing to tax the peak credits can be accepted. Even though this working is not verifiable by us in the absence of complete details of domestic expenditure or expenditure which is in nature of outgoing out of the withdrawls and the Receipt-Payment statement. Since this aspect was not examined by A.O, we set aside the issue to the file of the A.O to examine the peak credit, based on receipts and payments statement of Assessee and the consolidated deposits and withdrawals i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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