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TMI Blog2014 (8) TMI 1203X X X X Extracts X X X X X X X X Extracts X X X X ..... to the file of AO. The AO shall review assessee s claim and compute the peak credit and bring the same to tax. Accordingly the appeal filed by the assessee is allowed for statistical purposes. - ITA No.626/Kol/2012 - - - Dated:- 7-8-2014 - Hon ble Sri Shamim Yahya, AM AND Hon ble Sri George Mathan, JM For the Appellant : Shri S.M.Surana, Advocate For the Respondent : Shri Imlimeren ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r that on the facts and circumstances of the case the order of the CIT(A) be modified and the assessee be given the relief prayed for. 5. For that the assessee craves leave to add, alter or amend any ground before or at the time of hearing. 3. The brief facts relating to this ground are that the AO noted that the assessee was maintaining following three bank accounts :- (i) A/c No.302010 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Amount 15.01.08 ₹ 1,50,000/- 21.12.08 ₹ 5,00,000/- 22.02.08 ₹ 5,00,000/- 28.02.08 ₹ 1,00,000/- 04.03.08 ₹ 2,00,000/- 05.03.08 ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se deposits are contract receipts. ii) The source of deposits has not been elucidated by the assessee iii) The purpose of the withdrawals are also not explained. iv) There is no TDS on such unexplained deposits. Therefore the A.O. treated the whole amount of ₹ 38,54,452/- to be assessee s income u/s 69A. Furthermore, the assessee has received a gift of ₹ 3,00,000/- from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee has claimed that assessee is agreeable if it is subject to taxation on the basis of peak credit in the account. We note that assessee has for the first time before us claimed for assessment of peak credit. Hence considering the facts of this case we remit this issue to the file of AO. The AO shall review assessee s claim and compute the peak credit and bring the same to tax. Accordingly ..... X X X X Extracts X X X X X X X X Extracts X X X X
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