TaxTMI 
TaxTMI 
2011 (6) TMI 878
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.... in appeal before us against the order of Learned CIT(Appeals) dated 17.09.2010 passed for assessment year 2003-04. The solitary grievance of the revenue is that Learned CIT(Appeals) has erred in deleting the addition of ₹ 18,33,676. 2. The brief facts of the case are that this is the second round of litigation up to the level of ITAT. An assessment order was passed under sec. 143(3) on a t....
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.... opinion that assessee failed to explain the deposit in the bank account, therefore, he made an addition of ₹ 18,33,676. 4. Dissatisfied with the addition, assessee carried the matter in appeal before the learned CIT(Appeals). She submitted that she earned the income by plying trucks on hire. Her case is covered under sec. 44AE and she does not maintain books of account on day to day basis.....
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....n the total withdrawals as well as the deposits. It is the circulation of same money in the banks. The money received as a transport receipt was deposited in the bank and whenever she required the money for business purpose, it was withdrawn. It cannot be a case of unexplained deposits in the bank. Learned CIT(Appeals) has also examined the question with the angle of peak credits theory i.e. at an....
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....and further as the total cash deposits of ₹ 13.49 lacs are much more than the total cash withdrawals of ₹ 33.46 lacs, the cash deposits in the bank accounts of the assessee stands explained in view of the facts and circumstances of the case. Further, even the peak credit of ₹ 1.5 lacs stands explained from the cash withdrawals made earlier. In view of the above, the addition made....