2012 (3) TMI 537

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....ising out of order of CIT(A)-XX, Kolkata in Appeal No.381/CIT(A)-XX/Ward-34(4)/08-09/Kol dated 31.08.2010. Assessment was framed by ITO, Ward-34(4), Kolkata u/s. 143(3) of the Income Tax Act, 1961 (hereinafter referred to as "the Act") for Assessment Year 2007-08 vide his order dated 30.12.2009. 2. At the outset, it seems that this appeal by revenue is delayed by three days and there is a condona....

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.... examination of the entries in the bank a/c, there was no cash withdrawals found which could subsequently be taken as the source of the cash deposits in the bank account. So, the cash and cheque deposits were all of different entities and not interlinked." 4. We have heard rival submissions and gone through facts and circumstances of the case. We find that the Assessing Officer made addition on ....

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.... at Rs. 1,80,247/-. We further find that the money deposited in the bank account was withdrawn either on the same day or on subsequent dates. It is seen that the total addition of the aggregate deposits in the bank account after giving benefit of withdrawals is the peak amount and in that case peak amount is to be added. We find that the assessee has maintained a bank account which is admittedly n....