9911796707
TMI Blog2022 (7) TMI 841X X X X Extracts X X X X X X X X Extracts X X X X ..... he details of payments and receipts are recorded on one page and in chronological order. In such circumstances, the peak credit amount as worked out in table reproduced in earlier paragraph only remains as unexplained in the hands of the assessee. The finding of CIT(A) that there is no continuous deposit is without appreciation of the facts properly. The contention of the assessee of adopting peak credit is justified. Accordingly, we restrict the addition in the case to Rs.3,20,000/-. Appeal of assessee partly allowed. - ITA No. 1260/MUM/2021 - - - Dated:- 31-5-2022 - SHRI KULDIP SINGH (JUDICIAL MEMBER) AND SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) Assessee by : Mr. Sanjeev A. Mehta, AR Revenue by : Mr. Kiran P. Unavekar, DR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h credit. On further appeal, the assessee explained before the Ld. CIT(A), the amounts recorded in the seized paper in the form of a table having details of payment and receipt. The said table for ready reference is reproduced as under: Page No. Date Payment Receipt Balance A.Y. 2008-09 73 15.05.2007 3,20,000 - -3,20,000 73 13.07.2007 - 30,000 -2,90,000 73 14.08.2007 10,00,000 7,10 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i Kaushik Kantilal Soni in IT(SS)A No. 160/Ahd/2006 dated 28.08.2009 and ITO Vs. Shri Dinesh Ajitbhai Jain in ITA No. 2740/Ahd/2012 dated 31.01.2013. On perusal of the above stated facts and submission of the appellant, it is seen that, the appellant has failed to explain the source of Rs.8,20,000/-and also, the peak credit method cannot be applied as there is no continuous deposits and withdrawals and vice versa. Therefore, the A has rightly added the entire unexplained cash credit u/s 68 of Rs.8,20,000/- and the explanation of the appellant to take the peak credit is not acceptable b cause the seized document is totally unaccounted i.e. not reflected in the books of accounts and also the entries reflected in the seized document does ..... X X X X Extracts X X X X X X X X Extracts X X X X
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