AI Drafter - (New and Powerful) 
Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter. 
TaxTMI 
TaxTMI 
2014 (8) TMI 1203
X X X X Extracts X X X X
X X X X Extracts X X X X
.... ORDER Per Shri Shamim Yahya, AM This appeal by the assessee is directed against order of ld. C.I.T.(A)- XXXII, Kolkata dt. 28.12.2011 and pertain to Assessment year 2008-09. 2. Grounds of appeal raised by assessee read as under :- "1. For that the order of the ld. CIT(A) is arbitrary, illegal and bad in law. 2. For that the ld. CIT(A) erred in confirming the addition....
X X X X Extracts X X X X
X X X X Extracts X X X X
....010100001953 of Axis Bank,. Barbil Branch (ii) A/c. No.06641930000793 of HDFC Bank, Asansol Branch (iii) A/c No.019k72317060 of IndusInd Bank, Barbil Branch The A.O. required the assessee to explain the sources of deposits in those accounts. In his reply the A.R. of the assessee submitted as follows :- 1. Total cheque deposited Sankat & Others (except Sheetal):Rs. 26,....
X X X X Extracts X X X X
X X X X Extracts X X X X
....th HDFC Bank but the assessee failed to explain the other deposits in the assessee's accounts, the total of which came to Rs. 38,54,452/-. He had offered that he may be taxed at 8% of the total unexplained deposit amounting to Rds.38,54,452/- but the AO was of the view that the offer of the assessee could not be accepted for the following reasons :- i) It is not proved that these deposits....
X X X X Extracts X X X X
X X X X Extracts X X X X
....he assessee is in appeal before us. 5. The ld. Counsel of the assessee submitted that in lieu of the grounds raised in this case he shall be pressing for assessment on peak credit The ld. Counsel agreed as per his computation peak credit comes to Rs. 11.50 lakh. We have heard the ld. DR. 6. We have heard both the counsel. Upon careful consideration we note that the ld.counsel of the assessee....