9911796707
TMI Blog2024 (10) TMI 1569X X X X Extracts X X X X X X X X Extracts X X X X ..... vidence to show that the notice has been issued after 31.03.2017, we are not inclined to accept such a plea and reject the same being devoid of merit. Challenging action of the PCIT granting approval for re-opening of assessment - PCIT has granted sanction/ approval for 172 cases on a single day - Since the assessee didn t file any RoI, the AO reopened the assessment to verify the source of the deposits. Therefore, the action of the AO to re-open the assessment can t be faulted as such; and it is further noted that like assessee, department flagged the cases of 172 similar persons who all didn t file any return of income for the year under consideration and similarly deposited cash in their respective bank account, therefore, the AO in orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee has owned up the cash which was deposited withdrawn as her own money, and therefore, the plea of the assessee that the peak-credit need to be only taken into consideration as her income in the facts and circumstances of the case needs to be accepted especially considering the fact that the AO for AYs 2011-12 2012-13 has accepted the RoI filed by the assessee to the to the tune of Rs. 1,79,420/- and Rs. 2,19,610/- and finding that the peak-credit in the bank is to the tune of Rs. 5,66,533/- and taking opening balance as on 01.04.2009 i.e. Rs. 54,526/-, the maximum highest balance in the bank during 365 days in respect to AY 2010-11 is found to be Rs. 5,12,007/- and the assessee returned income is Rs. 2,47,280/-, balance amount of Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1.03.2017, we are not inclined to accept such a plea and reject the same being devoid of merit. 3. Next ground of appeal is also a legal issue raised by assessee against the action of the Ld.PCIT granting approval for re-opening of assessment. According to the Ld.AR, the Ld.PCIT has granted sanction/ approval for 172 cases on a single day which vitiate the approval granted. In this regard it is noted that the assessee didn t file any return of income (RoI) for AY 2010-11 and the AO had re-opened the assessment taking note of the information he received about cash deposits made by assessee amounting to Rs. 17,36,000/- in his savings bank a/c maintained with ICICI Bank Ltd., Namakkal during the relevant Assessment Year. Since the assessee did ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amount which is not chargeable to income-tax; 4. Coming to the next issue which is regarding action of the Ld.CIT(A) confirming the addition of Rs. 24,26,960/-. The brief facts are that the AO noted that there was cash deposits amounting to Rs. 17,36,000/- in his savings bank account maintained with ICICI Namakkal during the relevant AY 2010-11. According to the AO, despite notices the assessee didn t give any explanation regarding the nature source of the deposits. Therefore, he was pleased to add the entire amount deposited in the bank to the tune of Rs. 24,26,960/- u/s. 144 of the Act (best judgment assessment) u/s. 69 of the Act. From the perusal of the Assessment Order, it is noted that the assessee has returned an income of Rs. 2,47,2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xure-IV. A perusal of which reveals that the assessee frequently deposit and withdraw money from the bank and since this is only bank account of the assessee, we note the peak-credit in the bank was to the tune of Rs. 5,66,533/-. Considering the overall facts and circumstances of the case as discussed, and the action of AO for subsequent assessment years as noted (supra) we are of the considered opinion that the peakcredit need only be added rather than the entire deposit made by the AO. 6. Further, the assessee has brought to our notice the bank statement from 01.04.2009 to 31.03.2010 which reveals that the peak-credit is to the tune of Rs. 5,66,533/- as on 26.03.2010. And the assessee brought to our notice the opening balance as on 01.04. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee that the peak-credit need to be only taken into consideration as her income in the facts and circumstances of the case needs to be accepted especially considering the fact that the AO for AYs 2011-12 2012-13 has accepted the RoI filed by the assessee to the to the tune of Rs. 1,79,420/- and Rs. 2,19,610/- and finding that the peak-credit in the bank is to the tune of Rs. 5,66,533/- and taking opening balance as on 01.04.2009 i.e. Rs. 54,526/-, the maximum highest balance in the bank during 365 days in respect to AY 2010-11 is found to be Rs. 5,12,007/- and the assessee returned income is Rs. 2,47,280/-, balance amount of Rs. 2,64,727/- is directed to be sustained and the balance amount to be deleted [i.e. assessee gets a relief ..... X X X X Extracts X X X X X X X X Extracts X X X X
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