2023 (8) TMI 593

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..... e bank pass books are not books of account and the provisions of Section 68 are not applicable. HELD THAT:- Since the assessee did not provide evidence in the nature of cash flow statement or otherwise to explain the cash deposits and withdrawals; and even then, only peak credits were directed to be taken into account; and since the assessee himself in the appeal filed by the Department had accepted that addition to the extent of peak credit in the bank account should be sustained, we find no substantial question of law arising for consideration in this appeal and the same is accordingly dismissed. - HON BLE MR. JUSTICE M.S. RAMACHANDRA RAO, CHIEF JUSTICE AND HON BLE MR. JUSTICE AJAY MOHAN GOEL, JUDGE For the Appellant: Mr. Vi .....

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..... se documents and he made a surrender of Rs. 2,58,41,912/- for the financial year 2006-07 and 2007-08. 7) The issue arising in the ITA No. 64 of 2016 is with regard to the certain peak credits, which were reflected in the bank pass book of the assessee. 8) The Assessing Officer concluded that the assessee had willfully concealed the true particulars of his taxable income and made certain additions to the income from the other sources. 9) This was questioned in appeal by the assessee before the Commissioner of Income Tax (Central), Gurgaon (the 1st Appellate Authority). 10) It was contended by the assessee before the 1st Appellate Authority that there were deposits and withdrawals in the respective bank accounts and cash deposited .....

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..... or otherwise to explain the cash deposits and withdrawals; and even then, only peak credits were directed to be taken into account; and since the assessee himself in the appeal filed by the Department had accepted that addition to the extent of peak credit in the bank account should be sustained, we find no substantial question of law arising for consideration in this appeal and the same is accordingly dismissed. 16) In the other appeal i.e. ITA No. 65 of 2016, also the similar contentions regarding the addition of peak credit in bank account are raised and so the reasoning given by us in ITA No. 64 of 2016 would apply to the same as well. 17) Apart from this contention in ITA No. 65 of 2016, there is another contention advanced by th .....

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