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TMI Blog2022 (7) TMI 486X X X X Extracts X X X X X X X X Extracts X X X X ..... l issue had come up before the Coordinate Bench of the Tribunal in the case of Shri Mohd.Naseeruddin the brothers of the assessee. We find after considering the submission of the assessee as well as the Revenue, the Tribunalhas deleted the addition made by the Assessing Officer u/s 68 of the Act towards unexplained cash deposits. Since the facts of the instant case are identical to the facts of the case decided by the Tribunal in the case of the brother of the assessee, therefore, respectfully following the same, we set aside the order of the learned CIT (A) and direct the Assessing Officer to delete the addition. The ground raised by the assessee on the issue of addition u/s 68 is accordingly allowed. - ITA Nos. 142 to 146/Hyd/2021 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessing Officer therefore, applied the peak credit theory and noted that for the A.Y 2014-15, the peak credit is Rs.4,78,840/-. He accordingly treated the same as unexplained credit and added the same u/s 68 of the I.T. Act. Similar additions have been made by the Assessing Officer for the other A.Ys which are as under: 2015-16 - Rs.2,50,000 2016-17 - Rs.3,50,000 2017-18 - Rs.4,40,000 2018-19 - Rs.4,47,000 3. In appeal, the learned CIT (A) confirmed the additions made by the Assessing Officer. 3.1 Aggrieved with such order of the learned CIT (A), the assessee is in appeal before the Tribunal. 4. The learned Counsel for the assessee at the outset submitted that the group had offered income on account of real estate bus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nction Hall receipts Shanawaz 12,86,000 78,06,020 48,16,070 1,39,08,090 Total 2,04,84,980 20,19,08,133 17,76,06,887 40,00,00,000 3.6 The above income accrued to assessee and Group in the financial years 2015-16, 2016-17 and 2017-18. Though the above ventures were started mostly in 2013 or so, it took lot of time to develop the land. Also there was much litigation on the title of land. We collected advances starting from the year 2013-14. However, they started re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ribunal, the addition made by the Assessing Officer and sustained by the learned CIT (A) should be deleted. 5. The learned DR, on the other hand, heavily relied on the order of the Assessing Officer and the CIT (A). 6. We have considered the rival arguments made by both the sides, perused the orders of the Assessing Officer and the CIT (A) and the Paper Book filed on behalf of the assessee. We have also considered the various decisions cited before us. We find the Assessing Officer in the instant case made addition of Rs.4,47,840/- by applying the peak credit theory on the ground that the assessee failed to submit proper explanation in support of the deposits and withdrawals in the Axis Bank Account, we find the learned CIT (A) sustai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , shows that they had sufficient source of income to advance the money to the assessee. On perusal of the order of CIT(A), we find that the CIT(A) categorically observed that the group has offered income on account of real estate business of Rs.38.60 crores which includes an additional income of Rs.22.15 crores over and above the profit of Rs.16.45 crores estimated during. search. This additional income was offered to cover any other discrepancies or shortcomings that may be discovered subsequently .Therefore, considering the prayer of the Id.AR of the assessee regarding telescoping that the disputed amount is sufficient to cover from the additional income offered as noted above. Therefore, we do not find any infirmity in the order of the C ..... X X X X Extracts X X X X X X X X Extracts X X X X
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