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TMI Blog2014 (2) TMI 1370X X X X Extracts X X X X X X X X Extracts X X X X ..... not in the hands of the individual - decided in favor of assessee. Addition on account of Gross profit - restriction on the addition of peak credit at ₹ 10,60,742/- as against the total addition of ₹ 18,02,087/- - HELD THAT:- The bank account maintained with Axis Bank is under dispute i.e. the deposits and withdrawals at ₹ 1,02,92,960/-. The AO has added peak credits at ₹ 18,02,087/- and CIT(A) restricted the peak at ₹ 10,60,742/-. As, it is already adjudicated, that this bank account belongs to partnership firm and not to the individual, taking the same view, the AO is directed to take action in the hands of the firm, if any and that also as per law. Appeal of assessee allowed. - I.T.A No. 119/Kol/201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ording to assessee s counsel, it has no other bank accounts except the disclosed one but subsequently it has come to the notice of AO that assessee is maintaining another bank account of Axis Bank, Berhampore Branch i.e. A/c. No. 163010100102292 and assessee s ledger copy was collected from Axis Bank for the relevent period. The AO computed the deposits by way of cheque and cash on different dates in the above stated bank account of Shri Jabibpur Rahaman, the assessee at ₹ 1,05,75,502/- and closing balance was found at ₹ 2,85,412/- as on 31.03.2008. When the assessee was asked to explain the transactions, assessee s counsel before AO vide letter dated 25.10.2010 explained that the said bank account with Axis Bank is being maint ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4 and 5 as under: 4. I have duly considered the submission of the AR of the appllant and seen the details filed and I find myself not in agreement with him. There is no dispute that the SB A/c. No. 163010100102292 was opened by the appellant himself in his individual name and using his individual PAN. Further, the bank account was opened on 02/03/2007, whereas, the purported firm [firms name and appellant s name are exactly same] came into existence on and from 22.03.2007 without having PAN and the Deed of Partnership was natarized on 31.03.2007. The PAN was applied for and allotted just before the return of the firm was filed on 31.03.2010. The return of the firm was filed much after issuing of notices under sections 143(2) and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ld. counsel for the assessee drew our attention to clause 12 of partnership deed, which reads as under: 12. The Bank Account bearing no. 163010100102292 with Axis Bank Ltd., Berhampore Branch which has already been opened, shall be treated as the Bank Account of the Partnership business and that shall be operated by the party of the first part as earlier. Ld. counsel stated that this particular bank account is in the name of firm Jabibur Rahaman and not in the individual case of the assessee where this addition is made. On query from the bench, Ld. Sr. DR could not rebut the factual position of the assessee s case and could not contradict the arguments made by Ld. counsel for the assessee. We find that there ..... X X X X Extracts X X X X X X X X Extracts X X X X
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