2010 (11) TMI 973

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....RDER PER SHAMIM YAHYA: AM This appeal by the revenue is directed against the order of the Ld. Commissioner of Income Tax (Appeals) dated 13.5.2010 and pertains to assessment year 2007-08. 2. The issue raised that Ld. Commissioner of Income Tax (Appeals) has erred in law and facts in calculating peak credit at Rs. 31,440/- against the addition of Rs. 11,31,600/-. 3. The assessment in th....

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....um remained with the bank was Rs. 1,30,000/- on 20.11.2006. Ld. Commissioner of Income Tax (Appeals) also observed that this account was opened on 15.11.2006. A perusal of the bank account showed that there is a series of cash deposits and cash withdrawals through ATM throughout the previous year relevant to the assessment year. In view of the above, Ld. Commissioner of Income Tax (Appeals) found ....