9911796707
TMI Blog2010 (11) TMI 973X X X X Extracts X X X X X X X X Extracts X X X X ..... This appeal by the revenue is directed against the order of the Ld. Commissioner of Income Tax (Appeals) dated 13.5.2010 and pertains to assessment year 2007-08. 2. The issue raised that Ld. Commissioner of Income Tax (Appeals) has erred in law and facts in calculating peak credit at ₹ 31,440/- against the addition of ₹ 11,31,600/-. 3. The assessment in this case was framed u/s 144 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he bank was ₹ 1,30,000/- on 20.11.2006. Ld. Commissioner of Income Tax (Appeals) also observed that this account was opened on 15.11.2006. A perusal of the bank account showed that there is a series of cash deposits and cash withdrawals through ATM throughout the previous year relevant to the assessment year. In view of the above, Ld. Commissioner of Income Tax (Appeals) found that Assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... series of deposits and withdrawals in the bank account and the maximum balance at a particular time was only ₹ 1,30,000/-. Hence, Ld. Commissioner of Income Tax (Appeals) has rightly taken that amount as peak credit and from there he has reduced the income declared by the assessee. We find that there is no infirmity in the action of the Ld. Commissioner of Income Tax (Appeals). Accordingly, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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