9911796707
TMI Blog2022 (8) TMI 797X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee has made deposited cash and withdrawn the same throughout the year. Accepting the plea of Ld. Sr. DR, the working of the peak credit shall be furnished by the assessee to Ld. AO who is directed to consider the same and restrict the addition to the extent of peak credit of cash receipts and cash withdrawals. The cheque entries shall be separately examined and re-adjudicated. The directions given in the impugned order stand modified to that extent. - ITA No. 918/Chny/2020 - - - Dated:- 17-8-2022 - HON BLE SHRI MAHAVIR SINGH , VICE PRESIDENT AND HON BLE SHRI MANOJ KUMAR AGGARWAL , AM Assessee by : Shri S. Sridhar (Advocate) Ld. AR Revenue by : Shri ARV Sreeenivasan (Addl. CIT) Ld. DR ORDER Manoj Kumar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he revenue is in further appeal before us. 2. This appeal was heard along with appeal of another assessee belonging to the same group i.e. Shri Thiruvambalam Subramaniyan, ITA No.917/Chny/2020. It was admitted position that facts as well as issues are substantially the same and adjudication in any one appeal shall have equal application to the other appeal. Since we have adjudicated the appeal of that assessee, the ratio of the same shall apply to the case of the present assessee also. In the above background, the appeal is disposed-off as under. 3. During assessment proceedings, it transpired that the assessee made cash deposits of Rs.135.09 Lacs in savings account maintained with City Union Bank Ltd., HDFC Bank Ltd. And Axis Bank Lt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he appellant and have noticed that the Hon ble ITAT and the jurisdictional High Court in the case as highlighted supra have held that there is no case for assessing gross deposits and that only peak credit only is liable to be assessed. In the present appeal as well, identical facts exists and in view of the cannon of judicial discipline and doctrine of judicial precedence, I hold that the action of AO in treating the gross deposit is untenable. The peak credit only is liable to be assessed. The AO is therefore directed to just verify the correctness of the peak cash balance available and to delete the addition if the funds available is more than the peak credit after affording opportunity to the appellant. Accordingly, the appellant s grou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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