TaxTMI 
TaxTMI 
2023 (2) TMI 527
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....) is bad, both in the eye of law and on the facts. 2. On the facts and circumstances of the case, ld. CIT(A) has erred both on facts and in law in rejecting the contention of the assessee that the initiation of the proceedings under Section 147, read with Section 148, made by A.O. is bad and liable to be quashed as the condition and procedure prescribed under the statute have not been satisfied and complied with. 3. On the facts and circumstances of the case, Id. CIT(A) has erred both on facts and in law in rejecting the contention of the assessee that the initiation of the proceedings under Section 147, read with Section 148, made by A.O. is bad and liable to be quashed as the reasons on the basis of which the reassessmen....
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....d both on facts and in law in confirming an addition to the extent of Rs. 8,14,238/- on account of peak credit in bank accounts rejecting the explanations and evidences filed by the assessee. (ii) That the above said addition has been confirmed rejecting arbitrarily the working given by the assessee. 9. (i).On the facts and circumstances of the case, Id. CIT(A) has erred both on facts and in law in confirming an addition of Rs. 5,00,000/- made by A.O., estimating the business income of the assessee. (ii) That the addition was made most arbitrarily, without there being any basis for the same. (iii) That the peak credit out of bank accounts having been made, such addition on account of estimated business in....
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....eed that the AO has passed order without considering the withdrawal in the account. He proceeded to hold that peak credit in Axis Bank and ICICI bank account in combined manner may be taken and peak should be added. The order of the Ld. CIT(A) reads as under:- "7.3. I have considered the facts of the case, finding of the AO and submission of the appellant. Appellant has deposited Rs.32,72,900/- in his Axis Bank Account and Rs. 68,00,867/- in ICICI Bank account. The AO has made the addition of all the deposits in the bank account without considering the withdrawal made by the appellant. The appellant has submitted that he is engaged in the business of trading of zinc and all the sales and purchases were made in cash. The appellant h....
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.... Thus total peal credit on the basis of individual bank accounts worked out to Rs. 8,14,238/-." 5. The Ld. CIT(A) further referred to several case laws and finally concluded as under:- "7.6. The facts of the case of the appellant are identical. The AO has added entire credit entries without considering the withdrawals from the bank accounts. Where there are deposits and withdrawals entries into the bank account, it would be presumed that amount withdrawal was available with the appellant for depositing the same. Therefore it cannot be concluded that entire deposits were from unexplained sources. Considering the above facts and finding of the Hon'ble ITAT, addition is confirmed on the basis of the peak credit at Rs.8,14,238/- and....
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....r:- "I have considered the facts of the case, finding of the AO and submission of the appellant. The appellant has admitted during the appellate proceedings that he had engaged in the business of trading in Zinc. There are cash deposits in the bank account and if the contention of the appellant is accepted, then AO is justified in estimating the business income of the appellant. The appellant has not filed the return either u/s 139 or in response to notice issued u/s 148. The appellant has filed the return for the subsequent year disclosing business income of Rs.1,90,000/- but he has not given any reason for not filling the return and making huge deposits and withdrawals from the bank account. Considering the above facts, addition ....