2013 (12) TMI 476

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....nt of unexplained investment u/s 69 of the Act to Rs.3,40,902/- on the ground that the peak of credit theory is to be applied without appreciating the fact that the assessee did not disclose the bank account of The Surat People's Co-op Bank Ltd. and that the credits the bank account were not made out of sales/debtors and assessee failed to link the theory that the cash deposits were made out of income from his retail business. [2] On the facts and in the circumstances of the case, the Ld. CIT(A) ought to have upheld the order of the Assessing Officer. [3] It is, therefore, prayed that the order of the Ld. CIT(A) may be set- aside and that of the Assessing Officer may be restored." 3. None appeared on behalf of the assessee on the a....

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....r the working given by appellant, peak amount of purchase and sale transactions comes at Rs.1,61,039/- (on 03.11.2007) and self cheques discounting transactions comes at Rs.1,33,000/- (on 10.09.2007). Further, these peak balances pertain upto a particular date of financial year which included the profit earned by appellant on these transactions till the date. However, the profit on the transactions of the later part of the year has also to be worked out. As per working given by appellant, this gross profit comes to Rs.1,281/- on turnover subsequent to peak amount at Rs.21,349/- on purchase and sale transactions, applying the rate of 6% which is shown in the regular business of appellant. Similarly, for self cheques discounting transactions,....