2014 (5) TMI 1101

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..... of the assessee nor it was disclosed to the department, could not be controverted on behalf of the assessee. However, the action of the Department in adding the entire aggregate of the credit entries in the said bank account is not in accordance with the settled position of law. In such a case, only the peak amount of entries could be added as income in the hands of the assessee. Since the accoun .....

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..... rd to the issue of this addition of 40,000/- on account of inflation in opening stock figure is dismissed. - Decided partly in favour of assessee.
S/SHRI G.C. GUPTA, VICE-PRESIDENT AND ANIL CHATURVEDI, ACCOUNTANT MEMBER) For the Appellant : Shri Sapnesh Sheth For the Respondent : Shri P.L. Kureel, Sr.DR O R D E R PER G.C. GUPTA, VICE-PRESIDENT: This appeal by the assessee for the asses .....

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..... was not disclosed in the account book of the assessee, nor was disclosed to the department. However, the action of the AO in adding the aggregate of entire credit entries in the said bank account was not in accordance with law, as in such cases, the only peak amount could be added. He submitted that it is a settled law now that only the peak credit can be added as income in the hands of the assess .....

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..... ted on behalf of the assessee. However, the action of the Department in adding the entire aggregate of the credit entries in the said bank account is not in accordance with the settled position of law. In such a case, only the peak amount of entries could be added as income in the hands of the assessee. Since the account of the assessee was undisclosed to the department and the peak amount is adda .....

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