9911796707
TMI Blog2011 (12) TMI 740X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee had deposited cash of ₹ 15,98,356/- into a Bank account maintained with Standard Chartered Bank during the period 01.04.2005 to 31.03.2006. The Assessing Officer obtained the copy of Bank account with the Standard Chartered Bank. The assessee explained that Bank account bearing No.32210432008 with Standard Chartered Bank, Shakespeare Sarani, Kolkata had not been shown in the Balance-sheet because that Bank account was controlled by party during the year. The assessee had given the following explanation :- Bank account bearing No. 32210432008 at Standard Chartered Bank, Shakespeare Sarani, Kolkata has not shown in the balance sheet because that Bank account was controlled by party during the year. The assessee was the brok ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion was forthcoming in respect of the deposits in its Bank account. He further observed that there was no explanation in respect of the Balance-sheet and Profit loss a/c. of the so-called business not being submitted with the income-tax return. He, therefore, confirmed the action of Assessing Officer. 4. Ld. counsel for the assesee filed before us copy of Bank account to demonstrate that there were regular cash deposits and cash withdrawals to substantiate its claim that assessee was regularly withdrawing the amount for business purposes and deposits in the Bank account were of sale proceeds. Ld. counsel referred to the decision dated 30.07.2010 of this Tribunal in the case of Tanmoy Chatterjee vs.- ITO in ITA No. 1434/Kol./2009 and d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the said cash withdrawal has been spent by the assessee. Therefore, we find substance in the submission of the assessee that the assessee made withdrawal from the said bank account and again deposited the same as the assessee could not utilize the withdrawal amount for the purpose for which it was withdrawn.No doubt the assessee has not stated any where the purpose for which the amount was withdrawn from time to time. The assessee has also placed the bank statement at page 7 of the paper book. Considering the said bank statement, the extract of which has been given by the Ld. CIT(A) at page 3 of the impugned order, which has already been reproduced hereinabove, we are of the considered view that the peak of the balance in the said ban ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s and withdrawals made from the same bank account, the addition only to the extent of peak credit has to be made. She, however, has urged that the A.O. may be given an opportunity to verify the working of peak credit prepared and furnished by the assessee for the first time before the Tribunal. Accordingly, the impugned order of the ld. CIT(A) on this issue is set aside and the matter is restored to the file of the A.O. with a direction to verify the working of peak credit prepared and furnished by the assessee and restrict the addition made on this issue to the extent of peak credit only . Both the revenue authorities below have added the entire proceeds on the ground that the assessee failed to establish its business activity. However, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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