9911796707
TMI Blog2013 (5) TMI 299X X X X Extracts X X X X X X X X Extracts X X X X ..... t Dey,JJ. For the Appellant : Sri K. Sai Prasad For the Respondent : Smt. Amisha S. Gupth ORDER Per Saktijit Dey, Judicial Member: These three appeals filed by the assessee are directed against separate orders of CIT (A)-I, Hyderabad pertaining to the assessment years 2003-04, 2008-09 and 2009-10 respectively. Since the assessee is common and the points involved in all these appeals are also identical, these are clubbed together and disposed of by this combined order for the sake of convenience. 2. At the outset, the learned AR submitted that on the instructions of his client, he wants to withdraw the appeals filed by the assessee in ITA Nos.1815 and 1816/Hyd/2011 pertaining to the assessment years 2008-09 and 2009-10. In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee to furnish cash flow statement. When the Assessing Officer verified the cash flow statement submitted by the assessee vis- -vis the statements obtained from the banks , it was found that there was excess of application of fund over explainable sources to the tune of Rs90,47,560 as on 31-3-2008. When the Assessing Officer confronted this fact to the assessee, he stated before the Assessing Officer that there were unaccounted deposits into his bank accounts to the tune of Rs.90,47,561/-. 4. The Assessing Officer not being convinced with the explanation of the assessee asked the assessee to prepare cumulative cash flow statement. The cumulative cash flow statement submitted by the assessee showed peak negative cash balance of Rs.95, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ined and undisclosed deposits. Hence, for working out for estimated income by this method, it is necessary to consider all the deposits including the deposits made by cheque. The CIT (A) thus rejected the assessee's contention that the Assessing Officer should not have considered the deposits made by way of cheques. With regard to the assessee's contention that three out of 27 bank accounts have already been disclosed to the department and hence should not been considered while working out the peak credit, the CIT (A) did not accept it by observing that the assessee himself had considered all 27 accounts for working peak negative cash balance. The CIT (A) further held that since the Assessing Officer after arriving at the peak credit has re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been disclosed by the assessee, have been considered for the purpose of working out the peak credit. Considering the nature of dispute, we are inclined to remit the matter back to the file of the Assessing Officer for doing the assessment de novo after verifying the transactions in all the bank accounts maintained by the assessee. If upon verification it is found that any transaction in any of the bank accounts has already been disclosed to the department by the assessee while computing his income, then the same has to be excluded while working out the peak credit for the impugned assessment year. The Assessing Officer shall afford a reasonable opportunity of being heard to the assessee before finalizing the proceedings. 7. In the result ..... X X X X Extracts X X X X X X X X Extracts X X X X
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