9911796707
TMI Blog2014 (7) TMI 1283X X X X Extracts X X X X X X X X Extracts X X X X ..... made addition for the equal sum without giving benefit of the amounts withdrawn. In other words, certain amounts were withdrawn, then deposited, again withdrawn and re-deposited. When the position is such that there are certain debits and credits in the bank account, it is wholly impermissible to consider only the deposits in the bank account for the purposes of making addition by totaling ignoring the fact that there are withdrawals of the amount as well. In such a situation, it is a peak amount which is required to be added, which exactly has been done by the ld. CIT(A) in this case. The ld. DR could not point out any infirmity in the calculation of the peak amount, by which the ld. CIT(A) restricted the addition to 2.80 lac. We, therefo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see furnished copies of bank statement of both the accounts maintained with Standard Chartered Bank, Gurgaon, Branch, Haryana ; copy of passport of Ms Vandana Chandra ; bank statement of NRI account of Ms Vandana Chandra ; affidavit declaring investments and transfers of Ms Vandana Chandra, etc. The ld. CIT(A) sent this additional evidence to the AO in terms of Rule 46A(3) of the Income-tax Rules, 1962 for further examination of the matter and crossexamination of the witnesses, if necessary. The AO vide his remand report dated 10.08.10, objected to the admission of such additional evidence. He, however, did not consider it expedient to discuss the merits of the addition so made by him in the original assessment proceedings in the light of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT(A), as the same was first sent to him for verification. If he was not satisfied with the correctness of the assessee's claim in the light of such fresh evidence, he could have controverted the same. 5. On merits, it can be noticed that the AO chose to pick up deposit side of the bank accounts, totaled the same and made addition for the equal sum without giving benefit of the amounts withdrawn. In other words, certain amounts were withdrawn, then deposited, again withdrawn and re-deposited. When the position is such that there are certain debits and credits in the bank account, it is wholly impermissible to consider only the deposits in the bank account for the purposes of making addition by totaling ignoring the fact that there are wi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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