2014 (8) TMI 62

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..... 2. On the basis of facts and circumstances of the case and in law the Ld. CIT(A) has erred in deleting the addition of Rs. Rs. 13,48,700/- out of the total addition of Rs. 14,48,700/- made by the A.O on account of income from undisclosed sources". 3. Brief facts of the case are as under: The assessee is an individual. He was engaged in sanitary and hardware business during the relevant assessment year. The Assessing Officer had received A.I.R information that the assessee had incurred credit card expenditure amounting to Rs. 14,48,700/- (ABN Amro Bank credit card). The assessee was asked to explain the said expenditure and in absence of a reply the same was added u/s 69 of the Act as undisclosed income. 4. Aggrieved by the sai....

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....,616/- which includes the cash deposits of Rs. 14,53,700/- on various dates. It is also seen that although the closing peak balance in the bank account is average Rs. 25,000/- to Rs. 50,000/- but there are various closing peak balance above Rs. 50,000/- also and the maximum closing balance is of Rs. 1,04,174/- on 12/10/2007. 3.4 After considering all the facts and circumstances of the case and after taking a holistic view particularly the fact that the assessee was a small time businessman having very small turnover, I am of the view that the ends of justice will be met if a lump sum estimated addition of Rs. 1,00,000/- is confirmed considering the closing balance peak credit and various cash deposits and other unexplained income and acc....