2022 (7) TMI 841

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....confirming an addition of Rs.8,20,000/- as unexplained Cash. Credit u/s. 68 of the I.T. Act in complete disregard of the facts and the law. The Ld. CIT(A) ought to have directed the deletion of the addition made and the same is prayed to be directed. 2. The Ld. CIT(A)-3, Thane, alternatively ought to have restricted the addition of the peak credit amounting to Rs.3,20,000/-. The appellant prays that the alternate plea may please be accepted. 2. The facts in brief are that the assessee filed return of income on 17.02.2009 declaring total income of Rs.4,50,250/-. The case was reopened by way of issue of notice u/s 148 of the Income Tax Act, 1961 (in short 'the Act') on the basis of information received from Investigation Wing of I....

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....on of Rs8,20,000/- on the basis of seized documents, indicating the introduction of cash by the appellant to the tune of Rs.8,20,000/- and the breakup of the same is Rs.3,20,000/- on 15.05.2007 and Rs.5,00,000/- on 12.09.2007, totaling to Rs.8,20,000/-. During the appellate proceedings, the AR of the appellant has argued that, the addition made by the AO of Rs.8,20,000/- is not justified and only the peak credit to the extent of Rs.3,20,000/- should have been adopted for addition. In this regard, the AR of the appellant has relied on the judgments in the case of CIT Vs. Manoj Indravadan Chokshi 50 Taxmann.com 419 (Guj), ITO Vs. Shri Jiteshkumar G. Bhadiyadra in ITA No. 2865/Ahd/2011 dated 10.07.2013, ITO Vs. Shri Kaushik Kantilal Soni in IT....