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TMI Blog2020 (9) TMI 227X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Assessee. Before us, assessee has filed the working of the peak credit of deposits. We find that there is no finding of the lower authorities on that aspect. Considering in earlier years the addition has been made only on the peak deposits, we direct the AO to make the addition of only the peak cash deposits during the year. We accordingly direct the AO to examine the working of peak cash deposits furnished by the assessee and thereafter make the addition of the peak amount. Thus the ground of the Assessee is partly allowed. - ITA No.6639/Del/2015 - - - Dated:- 5-8-2020 - Sh. Bhavnesh Saini, Judicial Member And Sh. Anil Chaturvedi, Accountant Member For the Appellant : Shri Rajiv Saxena, Advocate For the Respondent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vident from the Bank statement that whatever cash was deposited in the Bank account was withdrawn by ATM or by self cheques and paid back to the persons/ their agents who deposited the same. 4. That Ld. CIT(A) has erred in fact by holding that the assessee is frequently changing his stand. The assessee has throughout the assessment proceedings as well as appellant proceedings has taken only one stand that some known people and some unknown people with reference of known people used to deposit cash in his bank account which were withdrawn from bank and returned to them and in the process he earned commission. In the alternative, he also offered to be taxed on the basis of peak credit principle before the AO as well as before the CIT (A) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s Hon ble Tribunal may be pleased to:- a. Allow the appeal of the Appellant and set aside the impugned order of the CIT(A) and issue directions to determine the addition based on the peak credit theory. b. Pass such other/further order/directions, which this Hon ble Tribunal may deem fit and proper in the facts and circumstances of the present case. 4. Before us, at the outset, Learned AR submitted that though the assessee has raised various grounds in the grounds of appeal but the sole controversy is with respect to confirming the addition made by AO of ₹ 58,52,055/-. 5. AO has noted in the assessment order that the case of the Assessee was selected for scrutiny through CASS to examine the source of cash deposits in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itted cash deposits reflected in his bank account was deposited at various places in Bihar by persons belonging to his village/ in-laws village. The Assessee on the instructions of the persons who deposited cash used to deliver the cash to the person s named by them in Delhi. The reason for cash deposits in his bank account was stated to be the difficulty and risk involved by those persons while carrying cash from their places while coming to Delhi. He further stated that the persons who had deposited the cash were known to the assessee and that for the services rendered by the assessee, he used to charge commission @ 2%. He pointed to the bank statement which is placed in paper book and submitted that after depositing the cash, the cash wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the working of the peak deposits which is placed in the paper book. 7. Learned DR on the other hand pointed to the findings of CIT(A) and submitted that considering the totality of the facts the AO was fully justified in making the addition of entire cash deposits. 8. We have heard the rival submissions and perused the relevant materials available on record. The issue in the present ground is with respect to the addition of cash deposits made by the assessee in his Bank account. It is an undisputed fact that assessee has deposited cash in his Bank account on various dates and the amount aggregated to ₹ 58,52,055/-. Learned AR from the copy of the Bank statement has pointed out that invariably the cash deposit is followed by t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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