9911796707
TMI Blog2014 (4) TMI 1018X X X X Extracts X X X X X X X X Extracts X X X X ..... n PNB bank account as belonging to assessee against claimed as of HUF and erred in adding the same U/s. 68 and 69. 2. That the credits relates to retail trade of HUF on which, at the most, the profit should be calculated U/s. 44 AF being 5% of turnover of t.16,75,0001-, which profit calculates Rs.83,750/- 3. That without prejudice, to G. N. 2, alternatively, it should have been treated as retail turnover of assessee and profit should be calculated at Rs.83,750/- @5% of turnover of Rs. 16,75,000/-. 4. That without prejudice, even on presuming these credits as un-explained, the addition should not exceed by the figure of peak of such credit. 5. That no interest U/s. 234 B should have been levied." 3. Briefly stated, the facts giving rise ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case of Commissioner of Income Tax vs Kulwant Rai 291 ITR 36 (Del); decision of Hon'ble Bombay High Court in the case of Commissioner of Income Tax vs Shri Kamal Kumar Bhola in ITA No. 5781/2010 dated 28.09.2011; decision of Hon'ble M.P. High Corut in the case of Commissioner of Income Tax vs Rajeev Shukla 296 ITR 743 and decision of ITAT Delhi 'C' Bench in ITA No.4183/Del/2010 dated 12.11.2010. On the basis of these decisions relied by the AR, it has been contended that when there is a small deposit during the whole year in the bank account of the assessee, then total amount of deposits during the financial year cannot be treated as income in the hands of assessee. At the most, the peak of Rs. 1,53,123 may be taken as income of the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee pertaining to the book credit is accepted, then the assessee is not interested to agitate these grounds on merits. Thus, ground no. 1, 2 & 3 of the assessee are dismissed as not pressed. Ground no. 5 of the assessee 8. Ground no. 5 of the assessee is consequential to the main ground of the assessee, therefore, the same is also restored to the file of Assessing Officer with a direction that the issue of interest u/s 234B of the Act shall be decided in consequence to the determination of income on the basis of peak credit as directed above. Thus, ground no. 5 of the assessee is restored to the file of Assessing Officer. 9. In the result, the appeal of the assessee is disposed of in the manner as mentioned hereinabove and may be treate ..... X X X X Extracts X X X X X X X X Extracts X X X X
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