TaxTMI 
TaxTMI 
2016 (1) TMI 1397
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....hri Anil Kumar Pande, JCIT, ld.Sr.DR ORDER SHRI M.BALAGANESH, AM These appeals arise out of the order of the Learned CITA in Appeal No. 260/CIT(A)- XXXVI/Kol/Wd.-2(2),Hg./2011-12/1584 dated 7.11.2012 for the Asst Year 2007-08 against the order of assessment framed u/s 143(3) read with section 147 of the Income Tax Act, 1961 (hereinafter referred to as the 'Act'). Both the appeals of the asses....
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....to the peak credit addition adopted by the Learned CIT(A). 3.1. The brief facts of this issue is that the assessee is an individual engaged in the businesses of trading in potatoes, involved in operating saw mills and also running a cold storage unit under the name and style of 'Umesh Cold Storage". The Learned AO observed that the assessee had an undisclosed savings bank account maintained with ....
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.... peak credit of Rs. 3,85,217/- to tax apart from the amount withdrawn for the purposes for other investments in the sum of Rs. 4,08,738/-. In effect, the Learned CIT(A) confirmed the addition to the tune of Rs. 7,93,955/- and gave relief of Rs. 9,67,037/- to the assessee. Against the relief granted by Learned CITA, the revenue is in appeal before us and against the addition confirmed by Learned CI....
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....tained with Axis Bank, Link Road Arambagh Branch. Wherever he found that there were certain withdrawals meant for personal expenses to the tune of Rs. 4,08,738/- , the same has been ignored while working out the peak credit addition. We find that no material has been brought on record by the Learned AR to controvert this finding. The action of the Learned CIT(A) in deciding this issue cannot be fa....