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TMI Blog2017 (8) TMI 1532X X X X Extracts X X X X X X X X Extracts X X X X ..... el loan and cash withdrawal from the cash credit account maintained with the bank. Therefore no merit in the argument advanced by the assessee on that regard. Considering the status of the assessee which is a HUF wherein there are other co-parceners whose financial position should also be considered while making such additions in the hands of the assessee HUF, hereby remit the matter back to the file of Ld.AO for fresh consideration. Assessee's appeal allowed for statistical purposes - I.T.A. No. 885/Mds/2017 - - - Dated:- 14-8-2017 - Shri A. Mohan Alankamony, Accountant Member For the Appellant : Shri D. Anand, Advocate For the Respondent : Shri Supriyo Pal, JCIT ORDER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessment year 2011-12 on 28.09.2011 electronically, admitting total income of ₹ 2,51,756/-. Initially the return was processed U/s. 143(1) of the Act and subsequently the case was selected for scrutiny and finally assessment order was passed U/s.143(3) of the Act on 28.02.2014, wherein the Ld.AO made addition of ₹ 23,14,320/- which was subsequently enhanced by the Ld.CIT(A) to ₹ 38,22,700/-. 5. During the course of assessment proceedings, it was noticed by the Ld.AO that the assessee had made cash deposits during the relevant assessment year aggregating to ₹ 41,89,000/- in his savings bank account with Lakshmi Vilas Bank, Sankarapuram. The assessee had not revealed the above mentioned savings bank ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... set I find the cash credit computed by the Ld.CIT(A) is not appropriate because he has adopted the cumulative cash deposited in the bank account as the peak credit. The computation of peak credit by the Ld.AO is appropriate because he has computed the peak credit based on the peak credit of the assessee on any given point of time in the bank account during the relevant assessment year. Further, the assessee has not produced any evidence before us to establish that the cash credit made in the bank account of the assessee was from the jewel loan and cash withdrawal from the cash credit account maintained with the bank. Therefore I do not find any merit in the argument advanced by the assessee on that regard. However, considering the status of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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