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TMI Blog2020 (11) TMI 696X X X X Extracts X X X X X X X X Extracts X X X X ..... in the sources of deposits and the corresponding payments , he was not entitled to get the benefit of peak credit . If the assessee, had wanted to avail of the benefit of the peak credit , he ought to have disclosed all the facts within his knowledge concerning the credit entries in the accounts. He had to explain with sufficient details the sources of all the deposits in his accounts as well as the corresponding destinations of all payments from the accounts. He should have been able to show that the money had been transferred through banking channels, from whom to his bank account, the identity of the creditors and that the money paid from the accounts of the assessee. The assessee had to discharge the primary onus in that regard. The peak credit worked out by the assessee, on the basis that the principle of peak credit applied, notwithstanding the failure to explain each of the sources of the deposits and the corresponding destinations of the payments without squaring them off, was not permissible - Decided against assessee. - ITA No. 5889/Del/2015 - - - Dated:- 22-10-2020 - Shri Bhavnesh Saini, Judicial Member And Shri Prashant Maharishi, Accountant Member For the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of all the bank accounts along with the bank statements. He was also required to explain the source of cash deposited in the bank account during the year with supporting documents. Before the assessing officer assessee submitted that he has only three accounts with state bank of India (number 305204363338), ICICI bank (account number 002901526244) and HDFC bank account number (13921930002539). However according to the AIR information assessee was also having an ICICI bank having account number 033101507741 which has not been declared by the assessee wherein the assessee has deposited cash of ? 4,605,380/-. The information was not forthcoming from the assessee except the request of adjournment or non-compliance. The learned assessing officer sought information from the bank with respect to the cash deposited u/s 133 (6) of the Act. The HDFC bank with respect to one account stated that assessee has deposited cash of ? 390,000/- and with respect to the two different bank accounts with ICICI bank it was found that assessee has deposited cash of ₹ 705,395 and ? 4,605,380/- respectively. Therefore the assessee has deposited total cash of ? 5,700,240/-. The learned assessing offic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y forgotten everything so much so that he failed to report his impugned business income in his return of income. Assessee has also completely faded to furnish the identity of creditors and debtors which is not acceptable. He further held that the assessee s claim of running business is nothing but an afterthought and cooked up story not supported by facts and no evidence is available on record. He further held that even the bank account was not disclosed by the assessee to the AO but only AIR information disclosed the above fact. Therefore he confirmed the addition. Assessee is aggrieved with that order and is in appeal before us. 5. The learned authorised representative referred to page number 55 of the paper book wherein assessee has submitted by letter dated 11th of March 2014 as per para number eight that assessee is not having any business turnover directly and is only a commission agent. With respect to the AIR information provided he submitted that assessee has deposited a sum of ? 4,605,380/- on various dates himself or by his clients/customers/principals for and on their behalf in order to procure various goods and services from Delhi or at stations where the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /s 68 of the income tax act. He submitted that assessee is maintaining the books of accounts which is evident from the balance sheet and the profit and loss account submitted. He therefore submitted that there is no infirmity in the order of the lower authorities. 7. We have carefully considered the rival contentions and perused the orders of the lower authorities. In the present case assessee is a salaried employee. He has deposited huge cash in his three different bank accounts; one of the bank account was detected by the assessing officer through AIR information. The assessee has no explanation from whom he has received the above money and for what purpose. This fact is also not denied that most of the times cash deposited in the bank account is from outside Delhi. Therefore who deposited cash in the bank account of the assessee is the primary responsibility of the assessee. Further, assessee has withdrawn the same cash and is stated to have been used for the purpose of the person who deposited the cash in his bank account. Assessee does not have any iota of evidence to prove his story. He does not have any details of any of the person who has transacted with him for depositi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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