2016 (1) TMI 182

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....der passed by the Tribunal raising following questions for our consideration. (A) "Whether on the facts and circumstances of the case and in law, the ITAT was justified in accepting the amount of Rs. 22,58,223/- which was peak credit in two undisclosed bank accounts, as the undisclosed income ignoring the facts that the undisclosed bank account had total credit entries of Rs. 2,46,75,333/- and t....

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....nsideration, should be added to his income. Assessing Officer ignored assessee's plea that he was earning only 1% commission on the total turnover and therefore, only such amount which represents 1% of the total deposit be added as income. 3. CIT (A) did not accept the assessee's plea of income of 1% by way of commission and at the same time, also did not accept the Assessing officer'....

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.... the account. In this case, the CIT(A) has recorded that the peak amount of two bank accounts with Axis Bank and ICICI Bank Ltd. taken together comes to Rs. 22,58,223/-, and the same has been confirmed as income in the hands of the assessee and the balance addition has been deleted. The Revenue could not controvert this finding of the CIT(A) that the peak balance in these two undisclosed bank acco....