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TMI Blog2014 (2) TMI 1217X X X X Extracts X X X X X X X X Extracts X X X X ..... -2-2014 - Sri D.K Tyagi, Judicial Member and Shri N.S. Saini, Accountant Member Appellant by: Sri P.L. Kureel, Sr.D.R. Respondent by: None ORDER PER : D.K. TYAGI, JUDICIAL MEMBER:- This is the revenue s appeal against the order of Ld. CIT(A)-IV Baroda dated 08-10-2012. 2. At the time of hearing none appeared on behalf of the assessee despite the fact that notice for today s hearing was sent to him. So we proceeded to decide the appeal after hearing Ld. DR. 3. Revenue has taken following effective ground:- 1. On the facts and in the circumstances of the case and in law, Ld. CIT(A) erred deleting the addition of ₹ 23,39,951/- made by AO u/s. 69 of the Act without appreciating the fact that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bank / cash balance for the year. Further, the peek addition, on identical facts, was made in the immediately preceding assessment year of ₹ 4,35,514. The copy of assessment order passed u/s 143(3) of the Income-tax Act for the A.Y. 2008-2009 has already been submitted in our first submission. The benefit of said peak addition is available to the assessee during the year under consideration also. Hence, applying the peak theory adopted by the department in assessee's own case, only the difference of ₹ 75,314 [Rs.5,10,828 - ₹ 4,35,514] may be added to the total income of the assessee for the 'assessment year under consideration as the assesses is not in a position to recall the source of the same. The copy of ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 respectively. From 26.4,2008 to 15.5.2008, the assessee has issued bearer cheques to various persons as also self withdrawn cash. On 26.5.2008, he has deposited cash of ₹ 15,000. On 30.5.2008, cash was withdrawn by Vipulbhai at ₹ 17,500. On 19.6.2008 a cheque No. 781934 was cleared at ₹ 4,80,000. No explanation whatsoever could be offered by the assessee, namely, from whom this cheque has been received as also on what account. After that cash has been withdrawn by various persons through bearer cheques. The same sort of transaction is repeated upto 14.3.2009 and the closing balance was shown at Rs. nil. In these circumstances, the peak theory to be adopted as stated by the assessee in no way can be applied to the case of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h. In the case of appellant the peak or highest of all the transactions taken together during earlier financial year and during the financial year under consideration is the method which is required to be adopted by the AO for calculation of undisclosed income on the basis of peak credit. All the transactions in the case of appellant for these two years should be considered jointly. This is in view of the fact that the AO in the immediate preceding year has made the addition on peak balance in respect to the cash deposit in the same bank account and again there is no change of the circumstances and therefore the AO can not depart from previous decision in the absence of material circumstances or reasons for such departure. In this regard th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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