2019 (1) TMI 1051

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.... (the 'Act'), dt. 18/12/2012, relating to Assessment Year 2008-09. 2. The assessee is an individual and is in the business of cold storage, saw milling business, potatoe trading business etc. He filed his return of income for the Assessment Year 2008-09 on 29/09/2008, declaring total income at Rs. 4,93,510/-. The Assessing Officer completed the assessment u/s 143(3) on 31/12/2010, determining the total income at Rs. 1,25,79,562/- interalia making addition on account of undisclosed investment in an undisclosed bank account, violation of Section 40A(3) of the Act and on account of unexplained sales. Aggrieved the assessee carried the matter in appeal. 2.1. The ld. First Appellate Authority, deleted the addition made on the ground that t....

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....take up the revenue's appeal being I.T.A. No. 403/Kol/2013; Assessment Year: 2008-09. 8. Ground Nos. 1 & 2 are on the issue of direction by the ld. CIT(A) to take the peak credit as undisclosed investment. The ld. First Appellate Authority has in his order considered the facts of the case and at para 8 held as follows:- "8. However, the action of the AO of resorting to the addition of the total deposits in the bank account, without giving benefit of withdrawals made from time to time, is not justified in the circumstances. The AO also did not understand the proximity of the transactions undertaken by the appellant in relation to the bank account. It was the requirement in law to understand the rotation of transactions made by th....