2018 (9) TMI 339

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ondent : Sh. Smt. Balwinder Kaur (Ld. DR) ORDER PER N.K.CHOUDHRY, JM: The instant appeal has been preferred by the Assessee/Appellant, on feeling aggrieved against the order dated 08.09.2016 passed by the Ld. CIT(A)-1, Amritsar Camp at Jammu (J&K) u/s 250(6) of the Income Tax Act, 1961 (hereinafter called as 'the Act'). 2. The following grounds of appeal raised by the assessee. ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 1,41,120/-. The Assessing Officer while examining the copy of Bank Account No.1231SB1089 (J&K Bank), ASCOME, Batra, noticed that the assessee has made cash deposits to the extent of Rs. 30,13,800 in his account from 1st April, 2005 to 31st March, 2006 as per details annexure "A". The Assessing Officer applied the peak credit method and added Rs. 16,70,206/- as difference in the cash deposits o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....on the basis of peak credit theory. 6. We have heard the rival parties and perused the relevant material placed on record, as in the instant case, the assessee has declared gross turn over of Rs. 13,43,594/- in his income and expenditure accounts, however, it was observed by the Assessing officer that on examination of copy of Bank Account No. stated above, it was noticed that the assessee has ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ne of Rs. 30,13,800/- is available and co-relates with the ledger account and fully explainable because the same have been routed through cash book maintained by the assessee. It seems that the Assessing Officer has taking into consideration the debit as well as credit entries for applying peak credit theory which is not sustainable, therefore, the observation of the Ld. CIT(A) to the extent that,....