9911796707
TMI Blog2014 (1) TMI 1411X X X X Extracts X X X X X X X X Extracts X X X X ..... sment year 2006-07 – The Tribunal accordingly decided the matter - Decided against Revenue. - ITA. No.77/2013 - - - Dated:- 20-1-2014 - Shantanu Kemkar And M. C. Garg,JJ. For the appellant Shri RL Jain, learned Senior Counsel with Ms. Veena Mandlik, learned counsel ORDER Heard. This appeal has been filed by the Commissioner of Income Tax-II under section 260-A of the Income Tax Act raises the following substantial questions of law:- 1) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in restricting the addition to the extent of peak amount worked out of Rs.61,742/- for Assessment Year 2007-08, when the very basis of applying the peak formula was not present in the case? 2) Whethe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the case is that the assessee, who surrendered Rs.40,00,000/- as un-disclosed income, later on when he filed return, explanation about the various documents which were seized from him and in the return filed showed that the income for the assessment year 2007-08, the income was only to the tune of Rs.61,742/-. 4. According to the appellant, such explanation could not have been accepted in the light of the appellant having surrendered a sum of Rs.40,00,000/- as un-disclosed income. 5. The matter has traveled upto the Income Tax Appellate Tribunal after the assessee as well as revenue also approached the Commissioner of Income Tax (Appeal), the learned Tribunal after having taken note of the submission from both sides, made the followin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... considered view when the assessee has owned all the transactions, therefore, there was no necessity to segregate the entries. The Assessing Officer also observed that there was no rotation of the amount, hence peak is not proper method to determine the maximum investment. We found that there was rotation of fund marked as A to A, B to B etc. and 1 to 1 and 2 to 2 etc. as per the details furnished at paper book page No.532 to 541. In the chart of peak credit so submitted, there was no amount, which has gone irretrievable. There was no finding by the Assessing Officer that money was applied for any expenses or investment. There was continuous rotation of the amount. The assessee has also reduced the peak of earlier years from the peak of subs ..... X X X X Extracts X X X X X X X X Extracts X X X X
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