2019 (5) TMI 1129

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..... of Peak Credit was rightly adopted for addition of the alleged undisclosed income of the Assessee and this is a well settled and common principle so adopted. The finding of facts of the Authorities below cannot be said to be perverse or illegal in any manner. - Decided against revenue
Dr. Justice Vineet Kothari And Mr. Justice C.V. Karthikeyan For the Appellant : Mr.T.R.Senthilkumar Senior Standing Counsel COMMON JUDGMENT DR.VINEET KOTHARI, J. The Revenue has filed these Tax Case (Appeals) under Section 260-A of the Income Tax Act by raising the following purported substantial questions of law arising from the order passed by the Income Tax Appellate Tribunal on 5.4.2017 for the Assessment Year 2010-11 on the ground that the Appella .....

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..... learned Commissioner of Income Tax (Appeal) in this regard are quoted below for ready reference:- "9. We have considered the rival contentions and perused the orders of the authorities below. It is not disputed by the Revenue that assessee had both cash deposits as well as cash withdrawals in his bank account with Axis Bank accounts with Pudukkottai and T.Nagar Branch. Though learned Assessing Officer had listed out the major transactions at paragraph 4 of the assessment order, a date wise analysis of the bank accounts were not done. Assessee can always say that cash deposits in the bank account had come out of an earlier cash withdrawal as long as the time interval between the withdrawals and deposits are not so significantly subs .....

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..... eak Credit can be adopted to remove the cascading effect of the unexplained credit entries in the bank account. The assessee had both cash deposits and cash withdrawals in his bank account with the same bank. Therefore, the method of 'Peak Credit' was rightly adopted for addition of the alleged undisclosed income of the Assessee and this is a well settled and common principle so adopted. The finding of facts of the Authorities below cannot be said to be perverse or illegal in any manner. 6. The judgment relied upon by the learned counsel for the Revenue arose in different set of facts. As far as the decision of the Madras High Court is concerned, it concluded that the finding of facts does not give rise to any substantial question .....

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