2018 (9) TMI 339

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..... t of the assessee culminated into rightly assessed income of the assessee after taking into account is peak credit, is contrary to the facts and documents on record and hence can not be sustained. Even otherwise, the gross turn over o the Asseeee has also been accepted by the department in subsequent assessment year without deduction. DR has not refuted the claim of the assessee by placing on record any contrary material and/or pointing out any defect in the ledger account and the bank statement of the assessee. Thus addition to be deleted - Decided in favour of assessee - ITA No.651(Asr)/2016 - - - Dated:- 11-4-2018 - Sh. Sanjay Arora, Accountant Member And Sh. N.K. Choudhry, Judicial Member For the Appellant : Sh. P. N. Arora .....

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..... 2006 as per details annexure A . The Assessing Officer applied the peak credit method and added ₹ 16,70,206/- as difference in the cash deposits of ₹ 30,13,800/- and declared gross turn over ₹ 13,43,594/- The Assessing Officer also made two other additions. 4. The Assessee, on feeling aggrieved, challenged the assessment order before the Ld. CIT(A), who while deciding the appeal of the assessee by observed that that the Ld. AO has rightly assessed income of the assessee after taking into account the peak credit in absence of any documentary evidence and clarification in respect of various cash deposits amounting to ₹ 30,13,800/- in the Bank Account of the assessee and finally dismissed the appeal of the assessee .....

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..... e ledger account and fully explainable because the same have been routed through cash book maintained by the assessee. It seems that the Assessing Officer has taking into consideration the debit as well as credit entries for applying peak credit theory which is not sustainable, therefore, the observation of the Ld. CIT(A) to the extent that, in the absence of documentary evidences and clarification in respect of various cash deposits amounting to ₹ 30,13,800/- in the Bank Account of the assessee culminated into rightly assessed income of the assessee after taking into account is peak credit, is contrary to the facts and documents on record and hence can not be sustained . Even otherwise, the gross turn over o the Asseeee has also been .....

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