2012 (3) TMI 537

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....ingh, JM This appeal by revenue is arising 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 de....

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....itted by way of issuing cheques during the year. On 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. ....

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....t of SBBJ wherein the peak credit as on 24.01.2007 was 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 We further find that the money deposited in the bank account was withdrawn either on the same day or on subsequent dates.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 assess....