9911796707
TMI Blog2012 (3) TMI 465X X X X Extracts X X X X X X X X Extracts X X X X ..... t, without considering the fact that the assessee has failed to provide any genuine source of credit appearing in the bank account. On the facts and in the circumstances of the case, the Ld. CIT(A) ought to have upheld the order of the A.O. It is therefore, prayed hat the order of CIT(A) may be set aside and that of A.O. may be restored to the above extent. 3. The brief facts of the case are that it is noted by the A.O. in the assessment order that this case was selected for scrutiny on the basis of AIR information that the assessee made transaction in cash of ₹ 21.01 lacs in Kotak Mahindra Bank on 31.03.2008. The A.O. asked the assessee to explain the details of nature and source of this cash deposited of ₹ 21.01 lacs in Ko ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lacs on 29.3.2008. He confirmed the addition to this extent and allowed relief for the balance addition. Now, the revenue is in appeal for the relief allowed by Ld. CIT(A). 4. It was submitted by the Ld. D.R. that relief had been allowed by Ld. CIT(A) on account of cheques deposit on this basis that these cheques deposits are received from M/s. Beena Enterprises. He submitted that this is not proper because the A.O. has already allowed relief in respect of cheques received from M/s. Beena enterprises of ₹ 3.47 lacs as has been noted by Ld. CIT(A) also on page 8 of his order and therefore, Ld. CIT(A) was not justified in deleting any further amount in respect of cheque deposit. Regarding relief allowed in respect of cash deposit on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e been furnished in assessment year 2009-10 regarding rotation of cash but since no such rotation of cash could be shown in the present year, peak theory cannot be accepted in the present year. 7. We have considered the rival submissions, perused the material on record and have gone through the orders of authorities below. We find that regarding the cheque deposit which was not accepted by the A.O., details are available on page 12 of the order of Ld. CIT(A). As per these details, we find that out of this total amount of ₹ 14.22 lacs, 3 cheques were received form M/s. Techno Shares to the extent of ₹ 6.50 lacs and the balance was received form Beena Enterprises of ₹ 7.72 lacs. Date wise details are available and when th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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