Tribunal increases undisclosed bank deposits in income tax assessment for 2007-08 The Tribunal partially allowed the appeal, sustaining an addition of &8377; 11,40,000 as undisclosed bank account deposits for the assessment year ...
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Tribunal increases undisclosed bank deposits in income tax assessment for 2007-08
The Tribunal partially allowed the appeal, sustaining an addition of &8377; 11,40,000 as undisclosed bank account deposits for the assessment year 2007-08 under section 68 of the Income Tax Act. The Tribunal considered peak credit and personal expenses paid, differing from the CIT(A)'s decision, which had restricted the addition to &8377; 15,32,778. The order was pronounced on 11-01-2013.
Issues involved: Assessment of undisclosed bank account deposits u/s 68 of the IT Act for assessment year 2007-08.
Summary: 1. The assessee, a commission agent, declared total income of &8377; 1,55,820/- for the year. The AO added &8377; 15,58,100/- as unexplained cash deposits in the bank, initiating penalty proceedings. 2. The assessee argued that total bank credits should be considered turnover, proposing a 5% profit estimation. The CIT(A) restricted the addition to &8377; 15,32,778/-, partly allowing the appeal. 3. The Tribunal analyzed the bank statement, noting an erosion of capital and commission income. It sustained an addition of &8377; 11,40,000/-, considering peak credit and personal expenses paid, differing from the CIT(A)'s decision. 4. The appeal was partly allowed, with the Tribunal's order pronounced on 11-01-2013.
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