9911796707
TMI Blog2014 (6) TMI 328X X X X Extracts X X X X X X X X Extracts X X X X ..... 010 1773/Ahd/2010 1774/Ahd/2010 - - - Dated:- 27-5-2014 - Shri N. S. Saini And Shri Kul Bharat,JJ. For the Petitioner : Shri G. C. Pipara, AR For the Respondent : Shri K. C. Mathews, Sr. DR ORDER Per Bench : These bunch of 12 appeals by the Assessee (six are quantum appeals and another six are penalty appeals) are directed against the separate orders of the Ld. Commissioner of Income Tax(Appeals)-IV, Baroda ( CIT(A) for short) all identically dated 30/03/2010 for Asst.Yearss 1998-99 to 2003-04 respectively. Since all these appeals pertain to the same assessee, these were heard together and are being disposed of by way of this consolidated order for the sake of convenience. The grounds are identical in qua ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in four unaccounted bank accounts admitted by the appellant requires to be restricted only to the amount of peak credit of such four accounts. 3.1 The learned CIT(A) has also erred in law and on facts in rejecting the appellant's plea for taxing the peak credit in respect of transactions appearing in four unaccounted bank accounts admitted by the appellant while wrongly observing that the theory of peak credit is applicable only in case of cash deposits and not cheque deposits. 3.2 The learned CIT(A) failed to appreciate the fact that the A.O. himself on identical facts while making additions in respect of unaccounted bank accounts in case of other family members of the appellant has taxed only peak credit even in case of cheque d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... investments made and application of funds even as per additions made by the A.O. [without prejudice to correctness of the same], are much less than the aggregate amount of peak credit worked out by the appellant. This fact itself justifies the theory of peak credit since the A.O. has not brought on record any other material or evidence in support of any other investments, which are out of books of account. Accordingly, taxing the entire credits appearing in the bank accounts as income of the appellant is wholly illogical and bad in law. 5. The learned CIT(A) has erred in law and on facts in directing the A.O. to recompute the estimated and hypothetical addition of Rs.24,65,985/- on account of alleged interest income accrued on nonoperati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submit additional grounds at he time of hearing of he appeal. 2. At the outset, the ld.counsel for the assessee pointed that the ld.CIT(A) has sought remand report from the Assessing Officer. This remand report was not supplied to him despite having made a submission before the ld.CIT(A). He further pointed out that this is a second inning. In the earlier round, the Hon ble Tribunal (ITAT A Bench Ahmedabad) in ITA Nos.1868 to 1872/Ahd/2007 ITA Nos.1263 to 1267/Ahd/2008 for AYs 1998-99 to 2002-03 vide order dated 10/06/2008 had restored the appeals back to the file of ld.CIT(A) for a fresh decision. He submitted that the Tribunal had followed the decision passed in ITA Nos.291 292/Ahd/2008 for AY 2003-04 dated 01/05/2008. He pointe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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