TaxTMI 
TaxTMI 
2013 (8) TMI 1162
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.... of Income Tax (Appeals), Patiala has erred in confirming the addition of Rs. 29,56,000/ - as made by the Assessing Officer on account of deposits on different dates in the bank account with Centurion Bank of Punjab. 2. That the Worthy CIT(A) has also erred in not considering that the deposits were in small amounts, normally aggregating between Rs.5,000/- to Rs.50,000/ - on different dates and the amount was withdrawn immediately thereafter leaving hardly any balance in the account of the assessee. 3. That notwithstanding the above said ground of appeal, the CIT (A) has erred in not considering the alternate submissions of the assessee that if at all, any addition is called for that could be on account of peak balance on 08.09.2007 amou....
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.... rejecting the plea of the assessee, upheld the addition of Rs.29,56,000-. The assessee is in appeal against the order of the CIT(Appeals). 6. The ld. AR for the assessee pointed out that the assessee had deposited cash on various dates which was also withdrawn on various dates on the advice of a bank consultant, in order to obtain loan from the bank. The ld. AR further submitted that at best, what can be added in the hands of the assessee was a peak credit of Rs.55,923/- i.e. the peak balance as on 08.09.2007. 7. The ld. DR for the revenue pointed out that there is no proof of the plea raised by the assessee in respect of obtaining bank loan and in the absence of the same, there was no merit in the submissions made by the assessee. Relia....