9911796707
TMI Blog2012 (5) TMI 693X X X X Extracts X X X X X X X X Extracts X X X X ..... ary papers for representing the case are not yet collected. However on careful perusal of the cross appeals we consider it to dispose of the same without any additional papers,. Therefore we reject the adjournment application filed by the ld. Counsel for assessee. 3. The grounds taken by the revenue as well as the assessee in this appeal are as under :- ITA No.141/Kol/2012 (By the revenue): "1. That the Ld. CIT (A) was not justified in allowing assessee the benefit of Peak credit in cases of cheques issued by him in spite of the fact that the assessee has failed to explain how the funds withdrawn by him by issuing cheques to different parties were recycled for deposits into the bank a/cs. II. That the Ld. CIT (A) was not justified in di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... c holder Bank & Branch A/c No. Amount found (lakhs) Amount seized (lakhs) Dt.of search 1. Kankan Textiles ICICI Bank, Kolkata 000605005027 10.08 10.08 9.11.2004 2. Pinky Hosiery ICICI Bank, Kolkata 627605251425 5.24 5.23 26.10.2004 3. Puja Traders ICICI Bank, Kolkata 627605251442 14.21 14.20 26.10.2004 4. Jackup Consultant Ltd. ICICI Bank, Raipura 016105000912 3.80 3.75 28.10.2004 5. Abhitaj Commercial Co.Ltd. ICICI Bank, Mumbai 623505378889 22.70 22.70 25.10.2004 6. Pinky Commercial Co. Ltd. ICICI Bank, Guwahati 634305004092 00.04 Nil 26.10.2004 Total 56.07 55.96 Mr.Dilip Kumar Nahata in his statement before A.D.I.T.(Inv.) Kolkata recorded u/s 131 on 1.11.2004 has accepted that the above m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cash treated as undisclosed income. 4.2. Aggrieved by this now the department as well as assessee went in appeal before the Tribunal. The Tribunal in its order dated 27.05.2009 has set aside the orders of the revenue authorities by observing as under :- "……………………………………………………………………………………………………… …………………………………………………………&h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o ₹ 1,03,48,400/- by treating the peak credit of each of the six bank accounts. 4.5. Aggrieved by this assessee as well as the revenue are in appeal by taking the above grounds. 5. After hearing the rival submissions and on careful perusal of materials available on record, it is observed that neither the AO nor the ld. CIT(A) has followed the directions given by this Tribunal in its order dated 27.05.2009. On careful perusal of the grounds taken by assessee we find force in the grounds taken by assessee that under these facts and circumstances of the case when there are six undisclosed bank accounts while assigning the peak credit the proper method is to make a consolidated fund flow statement by taking into account of all the undis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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