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TMI Blog2014 (4) TMI 1018X X X X Extracts X X X X X X X X Extracts X X X X ..... ommissioner of Income-Tax Versus Kulwant Rai [2007 (2) TMI 185 - DELHI High Court] - only the peak credit can be taken as income out of the deposits made during the year to the bank account of the assessee – the AO is directed that only peak credit is to be taken as income of the assessee out of the deposits – Decided in favour of Assessee. - I.T.A. No. 5238/Del/2011 - - - Dated:- 17-4-2014 - Shri G. D. Agrawal And Shri Chandra Mohan Garg,JJ. For the Appellant : Shri Raj Kumar For the Respondent : Shri Sameer Sharma, Sr. DR ORDER Per Chandramohan Garg, J.M. This appeal has been preferred by the assessee against the order of Commissioner of Income Tax(A)-XXI, New Delhi dated 08.08.2011 in Appeal No. 159/10-11 fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fronted the assessee with his account in Punjab National Bank, Rani Bagh, Delhi wherein there was a cash deposit amounting to Rs.23,12,875 during F.Y. 2007-08. The Assessing Officer held that the explanation submitted by the assessee was not satisfactory and the Assessing Officer added this amount to the returned income of the assessee u/s 68 and 69 of Income Tax Act, 1961 (for short the Act). 4. Being aggrieved by the above assessment order, the assessee preferred an appeal before the Commissioner of Income Tax(A) which was also dismissed by passing impugned order. Now, the empty handed assessee is before this Tribunal in the second appeal with the grounds as reproduced hereinabove. Ground no. 4 of the assessee 5. The AR started t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e year is considered as income in the hands of assessee. Respectfully following the above referred decisions, specially the decision of Hon ble Jurisdictional High Court in the case of Commissioner of Income Tax vs Kulwant Rai (supra) and decision of Coordinate Bench of Delhi in the case of ITO vs Hari Shankar (supra), we hold that in this situation, only the peak credit can be taken as income out of these deposits made during the year to the bank account of the assessee. Accordingly, in view of above, ground no. 4 of the assessee is allowed with this direction to the Assessing Officer that the Assessing Officer shall take only peak credit as income of the assessee out of these deposits after affording due opportunity of hearing to the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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