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TMI Blog2018 (9) TMI 1403X X X X Extracts X X X X X X X X Extracts X X X X ..... ble and not the practice of a customer of the bank to withdraw the small amounts without the requirement for expenditure. The assessee required to explain the source of each credit and the destination of debit independently. Every debit cannot be taken as a source. The said details were not furnished by the assessee before the CIT(A) or before the AO, therefore, the Ld.CIT(A) has rightly rejected the claim made by the assessee with regard to the cash flow statement and explanation of the sources. - Decided against assessee. Peak credits - sources of such deposits and withdrawals unexplained - Held that:- For considering the peak credit, every debit and credit entries are required to be explained independently to hold that the withdrawal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee is an LIC agent and during the assessment year the assessee filed return of income declaring total income of ₹ 8,76,440/-. The Assessing Officer (AO) found that the assessee has made the deposits in the savings bank account to the extent of ₹ 40,27,000/- as under : Name of the Bank Account Number Amount of cash deposits (a) ING Vysya Bank Ltd. 118630 Rs.14,80,000/- (b) South Indian Bank Ltd. 20161 Rs.25.47,000/- The above two bank accounts are jointly held by the assessee along with Mrs Sura Venkata Vijaya Lakshmi Komali. The AO issued several ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rpose of addition. Accordingly, the appeal of the assessee on this ground was partly allowed by the Ld.CIT(A). 4. Aggrieved by the order of the Ld.CIT(A), the assessee is in appeal before this Tribunal. During the appeal hearing, the Ld.AR submitted that the assessee is having three bank accounts in the banks i.e. AXIS bank, South Indian Bank and ING Vysya Bank Ltd. The assessee argued that the bank accounts are considered to be declared since the assessee is not maintaining the books of accounts, thus argued that there is no bank account which is undisclosed by the assessee. The assessee has filed cash flow statement before the Ld.CIT(A) and the Ld.CIT(A) has called for the remand report and the AO submitted the remand report after exam ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the source of the deposit and the destination of the withdrawal. The purpose of the withdrawal, whether the amount was spent or not? was not explained by the assessee. It is observed that the assessee claimed the source for deposits out of small amounts of withdrawals also which is not reliable and not the practice of a customer of the bank to withdraw the small amounts without the requirement for expenditure. Therefore, the assessee required to explain the source of each credit and the destination of debit independently. Every debit cannot be taken as a source. The said details were not furnished by the assessee before the Ld.CIT(A) or before the AO, therefore, the Ld.CIT(A) has rightly rejected the claim made by the assessee with reg ..... X X X X Extracts X X X X X X X X Extracts X X X X
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