2016 (1) TMI 182

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.... 1. Revenue is in appeal against the order 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 ....

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....he assessee in these two accounts during year under consideration, 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 s....

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....s of the assessee and not aggregate of the total credit side of 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 ....