9911796707
TMI Blog2012 (9) TMI 330X X X X Extracts X X X X X X X X Extracts X X X X ..... deposited a sum of Rs.16,06,746 in a bank account with Canara Bank. He issued a notice under sec. 142(2) of the Income-tax Act, 1961 by speed post on 25.10.2007 directing the assessee to appear on 23.10.2007. Assessing Officer, thereafter issued one more notice on 13.12.2007 for appearance on 18.12.2007. According to the Assessing Officer, assessee did not appear before him, therefore, he treated the amounts deposited in the Canara Bank as unexplained investment and made an addition of Rs.16,06,746 in an assessment order passed according to his best judgment under sec. 144 on 28.12.2007. 3. On appeal, Learned CIT(Appeals) has confirmed the peak credit available in the account at Rs.1,26,998. 4. Revenue in its appeal has challenged res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... regard to assessment of his income under sec. 44AF on the ground that he failed to bring conclusive evidence. He confirmed the addition at Rs.1,26,998 which is peak credit available in this saving account. 6. Learned DR while impugning the order of the Learned CIT(Appeals), pointed out that assessee failed to give any evidence which can suggest that he was in the business of trading in medicines. Learned CIT(Appeals), once not accepted this submission of the assessee, then ought to have not given the benefit of withdrawals, because in that sense he is recognizing the facts that assessee was in the business of trading of medicines. The addition for the peak credit can be made if it is established that the account is being used for routin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ative services. Though, these issues were not disputed by the assessee nor the revenue has challenged entertainment of evidence by the Learned CIT(Appeals) in the grounds of appeal. Looking into this background, we are of the view that Learned CIT(Appeals) has rightly permitted the assessee to place on record bank statement, copies of the DDs and copy of the invoices exhibiting purchase of medicines by M/s. Shiva Distributors. However, from the record, we do not find any conclusive evidence showing that assessee is having a proprietaryship concern which is running a medical store in the name of Shiva Distributors. The only evidence produced by the assessee is that DDs were issued from his account to the suppliers of medicines coupled with t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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