9911796707
TMI Blog2019 (11) TMI 1343X X X X Extracts X X X X X X X X Extracts X X X X ..... the withdrawal made earlier was not available with the assessee when subsequent deposits were made. In the absence of any such material, I am of the view that the assessee should be given credit of withdrawal of ₹ 3.00 lakhs made. Accordingly, the observations made by Ld CIT(A) with regard to the above said two withdrawals are also liable to be set aside. Accordingly, set aside the observations made by Ld CIT(A) in paragraph 5.4 of his order. Since the assessing officer has not verified the peak credit workings, I restore this issue to his file for the limited purpose of verifying the peak credit workings and accordingly direct the AO to assessee 1/3rd of peak credit balance in the hands of the assessee. - ITA No.567/Bang/201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de by the AO in respect of deposits made in the very same bank account in the financial year relevant to AY 2011-12. When the matter reached Tribunal, the ITAT restricted the addition to 1/3rd of the peak amount of deposits, vide its order dated 13.04.2017 passed in ITA No.208/Bang/2017, since the assessee was one of the three joint holders. Before Ld CIT(A), the assessee placed his reliance on the order so passed by the Tribunal in AY 2011-12. The Ld CIT(A), by following the order of the Tribunal, held in principle that the assessee is liable to be taxed only 1/3rd of the peak amount of deposits. However, the Ld CIT(A) was of the view that the peak credit worked out by the assessee suffers from certain mistakes. Accordingl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he narration of these three entries shows 'DBD Deposit', which is the abbreviation for 'Double Benefit Term Deposit' as offered by the Bank of India to its account holders. So amount to the extent of ₹ 11,50,000/- cannot be considered as re-deposited as cash back into the bank account. As regards cash of ₹ 2,75,000/- withdrawn on 27.02.2008, the same can also not be considered as re-deposited as cash back into the bank account as no cash deposits are there after 27.02.2008. As regards cash of ₹ 3,00,000/- withdrawn on 28.09.2007, the same can also not be considered as re-deposited as cash back into the bank account as no cash deposits are there for a period of 53 days after this withdrawa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the decision rendered by Ld CIT(A) needs to be rejected. 6. On the contrary, the Ld D.R supported the order passed by Ld CIT(A). 7. I have heard rival contentions and perused the record. During the course of hearing, the Ld A.R invited my attention to the working of peak credit placed in the paper book. For the sake of convenience, I extract the same below:- 8. As submitted by Ld A.R, the reference made by Ld CIT(A) to following withdrawals are not relevant, since the assessee has not included the same while working out peak credit balance:- 20.12.2007 - 3,75,000 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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