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of <h1>Tribunal sets aside orders on bank accounts consolidation, directs peak credit recalculation. Revenue and Assessee appeals allowed.</h1> <h3>Deputy Commissioner of Income Tax., Central Circle-XVII, Kolkata Versus Shri Dilip Kumar Nahata,</h3> The Tribunal set aside the orders of the AO and CIT(A) for not following its direction to consolidate all bank accounts for peak credit determination. The ... - Issues involved: Cross appeals by Revenue and Assessee against order of CIT(A)-Central-I, Kolkata for A.Yr. 2005-06.Revenue's Grounds (ITA No.141/Kol/2012):- Benefit of Peak credit allowed without explanation on fund recycling.- Discrepancy in peak credit calculation by CIT(A) and AO.- Request for altering grounds.Assessee's Grounds (ITA No.27/Kol/2012):- Challenge to CIT(A)'s order.- Consolidated peak credit should be considered.- Request for adding or amending grounds.Facts:- Cash seized led to scrutiny assessment.- Six bank accounts investigated post seizure.- Assessee claimed cash from clients for investments.- AO treated total deposits in bank accounts as undisclosed income.- CIT(A) directed treating peak credit of bank accounts as undisclosed income.- Tribunal set aside orders for lack of investigation into debit side.Tribunal's Decision:- Neither AO nor CIT(A) followed Tribunal's direction.- Proper method is to consolidate all bank accounts for peak credit determination.- Orders set aside for recalculating peak credit of consolidated bank accounts.- Appeal of Revenue and Assessee allowed for statistical purposes.Judgment Date: 09.05.2012.
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