2012 (5) TMI 693

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....ee as asked for adjournment by stating that necessary papers for representing the case are not yet collected. However on careful perusal of the cross appeals we consider it to dispose of the same without any additional papers,. Therefore we reject the adjournment application filed by the ld. Counsel for assessee. 3. The grounds taken by the revenue as well as the assessee in this appeal are as under :- ITA No.141/Kol/2012 (By the revenue): "1. That the Ld. CIT (A) was not justified in allowing assessee the benefit of Peak credit in cases of cheques issued by him in spite of the fact that the assessee has failed to explain how the funds withdrawn by him by issuing cheques to different parties were recycled for deposits into the bank....

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....ails of which is given below :-  Sl.No. Name of the a/c holder Bank & Branch A/c No. Amount found (lakhs) Amount seized (lakhs) Dt.of search 1. Kankan Textiles ICICI Bank, Kolkata 000605005027 10.08 10.08 9.11.2004 2. Pinky Hosiery ICICI Bank, Kolkata 627605251425 5.24 5.23 26.10.2004 3. Puja Traders ICICI Bank, Kolkata 627605251442 14.21 14.20 26.10.2004 4. Jackup Consultant Ltd. ICICI Bank, Raipura 016105000912 3.80 3.75 28.10.2004 5. Abhitaj Commercial Co.Ltd. ICICI Bank, Mumbai 623505378889 22.70 22.70 25.10.2004 6. Pinky Commercial Co. Ltd. ICICI Bank, Guwahati 634305004092 00.04 Nil 26....

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.....24,11,93,400/-.and Rs. 1,03,48,400/- is the sum of the peak credit of each of the six bank accounts . The ld. CIT(A) has also deleted the addition of Rs. 19.76 lakhs being seized cash treated as undisclosed income. 4.2. Aggrieved by this now the department as well as assessee went in appeal before the Tribunal. The Tribunal in its order dated 27.05.2009 has set aside the orders of the revenue authorities by observing as under :- "..................................................................................................................... ....................................................................................................................... The CIT(A) has accepted the peak credit theory of the assessee wi....