TaxTMI 
TaxTMI 
2018 (8) TMI 731
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....r the name and style of "Shankar Metal Store". The Assessing Officer found that the assessee was having 8 unaccounted bank accounts. The assessee had admitted that the transactions in these 8 unaccounted bank accounts were business transactions. The assessee claimed that due to hurry, he has lost attention and did not incorporate these in the books while filing the return of income. The Assessing Officer made and addition of the peak credit balance in each of these bank accounts u/s 69A of the Act. Further the assessee had claimed that he has received gift from his mother and father amounting to Rs. 4 Lakhs and Rs. 5Lakhs respectively. On the ground that, these gifts are bogus, the amount was added u/s 68 of the Act, in the hands of the ass....
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....contentions of the assessee, to bring to tax only the combined peak credit of these unaccounted bank accounts instead of bringing to tax the peak credit of each of these bank accounts separately, on the ground that the assessee had not produced any evidence. Before us, the assessee filed a combined statement showing the combined peak balance for different bank accounts at pages 34 to 44 of the paper book. The ld. Counsel for the assessee relied on the decision of the Kolkata 'SMC' Bench of the Tribunal in the case of Shri Sunil Baran Dey vs. Income Tax Officer being I.T.A. No. 468/Kol/2017, order dt. 13/10/2017, wherein at para 6 page 7 of the order, it has been held as follows:- "6. Respectfully following the decision of the Co-ordi....
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....ssee had submitted the statement showing the combined peak credit of all the bank accounts. As it is a matter of computation, we are of the view that this has to be verified. Accordingly, we set aside this issue to the file of the Assessing Officer for fresh adjudication, in accordance with law. The Assessing Officer shall verify the statement showing the combined peak credit for different bank accounts and bring to tax only the combined peak credit. 5.3. In the result, Ground No. 1 is allowed for statistical purposes 6. Ground No. 2 is on the addition made by the Assessing Officer on account of gifts received by the assessee from his parents. 6.1. The assessee has filed copies of declaration of gift from both his parents. Copies of the....