9911796707
TMI Blog2017 (2) TMI 393X X X X Extracts X X X X X X X X Extracts X X X X ..... consequently to pay tax thereon. 3. That on the facts and in the circumstance of the case the Ld. CIT(A) Faridabad erred in : A) Rejecting the claim of the appellant for surrender of peak credit of the cash deposited in to the bank accounts to the tune of Rs. 4,68,550/- made before the Ld. CIT(A) in good faith. B) Confirming the addition of Rs. 23,90,000/- without pursuit the facts of the case fully and properly. 4. That having regards to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in not reversing the action of the AO in charging interest u/s. 234B and 234C of the Income Tax Act, 1961. 5. That the appellant craves the leave to add, modify, amend or delete any of the grounds of appeal at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AO noticed that assessee has deposited Rs. 23,90,000/- in cash in his bank account. The assessee was by questionnaire issued on 31.1.2011 fixing the case for 10.2.2011 to furnish the source of cash deposit in your saving bank accounts during the year alongwith supporting evidences. In this behalf, a show cause was issued on 1.11.2011 for 8.11.2011 to explain the source of cash of Rs. 23,90,000/- deposited in the bank account with sufficient documentary evidence and furnish other information. But on the fixed date the counsel of the assessee appeared but no reply/evidence and sought adjournment. Thereafter, the case was adjourned to several dates on the request of the assessee's counsel and last opportunity was given by issuing the show cau ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evidence and has conclusively tried to establish the fact that source of cash deposit could not be satisfactorily explained, on the other, he has referred to the surrender of peak credit balance in his bank account and payment of tax thereon by the assessee. He pointed out that since AO has not been able to substantiate in his report as to why peak credit balance may be accepted, the assessee's contention was to be rejected. 4. Now the Assessee is aggrieved against the impugned order and filed the present appeal before the Tribunal. 5. At the threshold, Ld. Counsel of the Assessee has stated that the issues involved in the present appeal are squarely covered by the ITAT, 'C' Bench, New Delhi in ITA no. 1139/Del/2014 (AY 2009-10) in the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Rs. 30,25,200/-. It was also submitted in the statement of facts that the assessee deposited the cash of Rs. 72,65,400/- and at the same time withdrew cash of Rs. 64,04,556/- during the relevant assessment year. Deposits were primarily from withdrawal from bank, sale proceeds and realization debtors. Assessee had not maintained any books of a/c. 6. Now the issue is whether entire deposits in the bank could be assessed to tax, disregarding the amounts withdrawn by assessee or not. Admittedly, neither any other source of income has been pointed out by AO nor any investment out of withdrawals from bank has been shown. Under such circumstances, assessee's explanation that both the bank accounts were in relation to its business, cannot be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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