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TMI Blog2016 (1) TMI 1397X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee. We find from the case relied upon by the Learned AR on the decision of Hon’ble Calcutta High Court, there was a clear cut finding recorded by the tribunal that the credits in the undisclosed bank represents undisclosed business receipts and withdrawals made thereon represent undisclosed business expenditure. In these circumstances, the Hon’ble Calcutta High Court affirmed the view of the tribunal to adopt the net profit thereon for the purpose of taxation. The facts in the instant case are squarely distinguishable from facts before the Hon’ble Calcutta High Court. Accordingly, the grounds raised by the assessee as well as the revenue are dismissed. - I.T.A No. 02/Kol/2013, I.T.A No. 187/Kol/2013 - - - Dated:- 20-1-2016 - Sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee is an individual engaged in the businesses of trading in potatoes, involved in operating saw mills and also running a cold storage unit under the name and style of Umesh Cold Storage . The Learned AO observed that the assessee had an undisclosed savings bank account maintained with Axis Bank, Link Road Arambagh Branch vide account number 364010100007856 wherein a total deposit of ₹ 17,60,992/- was made during the relevant previous year and due to non-compliance on the part of the assessee for various opportunities granted by the Learned AO and for want of any explanation from the assessee with regard to the total deposits in the said bank account, the Learned AO proceeded to add the same as undisclosed income in the assessm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n addition towards the undisclosed bank account of the assessee maintained with Axis Bank, Link Road Arambagh Branch. Wherever he found that there were certain withdrawals meant for personal expenses to the tune of ₹ 4,08,738/- , the same has been ignored while working out the peak credit addition. We find that no material has been brought on record by the Learned AR to controvert this finding. The action of the Learned CIT(A) in deciding this issue cannot be faulted with. The arguments of the Learned AR that only the net profit of the undisclosed bank account should be brought to tax does not hold any water as in the instant case, there is no material brought on record that the sources for deposits and withdrawals emanate out of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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