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TMI Blog2022 (10) TMI 253X X X X Extracts X X X X X X X X Extracts X X X X ..... e order passed by the Commissioner of Income-tax (Appeals)-I, Nagpur on 17-05-2017 in relation to the assessment year 2001-02. 2. The first issue raised in this appeal is against the confirmation of addition of Rs.7,79,175/- made by the Assessing Officer (AO) u/s.69 towards cash deposits in the bank account. 3. Briefly stated, the facts of the case are that a survey u/s.133A of the Income-tax Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Xerox copies of the impounded documents and also evidence collected by the Revenue before making assessment. Pursuant to such order, the AO took up the assessment proceedings u/s.143(3) r.w.s.254. He observed from the bank account maintained by the assessee with Santaji Nagari Sahakari Patsanstha that the assessee had deposited cash on different dates during the year totalling upto Rs.7,79,175/-. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... edeposited, the presumption is that the amount re-deposited came out of the amount withdrawn earlier, unless the AO shows the utilisation of cash elsewhere. In such circumstances, it is only the peak credit which can be charged to tax and not all the deposit entries in the bank account. As such, I set aside the impugned order and remit the matter to the file of the AO for determining the peak cred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion was made by the AO. While disposing of the first issue supra, I have directed that only the peak credit of the cash deposits and withdrawals should be included in the total income and not all the deposits. The contention of the assessee that Rs.31,990/- should be considered as coming out of the bank withdrawals, cannot be accepted because once the peak credit is taken, the presumption remains ..... X X X X Extracts X X X X X X X X Extracts X X X X
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