TaxTMI 
TaxTMI 
2024 (9) TMI 853
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.... filed seeking adjournment. Thus, the assessee called absent and set exparte. We proceed to decide the appeal on merits after hearing the ld. DR basing on the material available on record. 3. The Appellant Revenue raised 8 grounds of appeal amongst which the only issue emanates for our consideration as to whether the ld. CIT(A) is justified in sustaining the addition of Rs..16,08,071/- out of the total addition of Rs..5,82,38,126/- in the facts and circumstances of the case. 4. The case of the assessee was selected for scrutiny for examination of source for the cash deposit of Rs..3,68,43,220/- in assessee's savings bank accounts with ICICI Bank Ltd. and Axis Bank Ltd. As there was no information regarding money lending commission, na....
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....essing Officer and set aside the order of the ld. CIT(A). 6. Having no representation before us, we deem it proper to refer to the statement of facts forming part of Form 35, wherein, we find the assessee offered explanation in respect of his books of account. The assessee is maintaining regular books of account on day-to-day basis and all the bank accounts are duly reflected in the said books of account. He submitted before the ld. CIT(A) that all the bank account including the cash deposit of Rs..5,82,38,126/- were duly reflected in the said books of account. Further, the assessee stated that he advanced money for a short period only for a period upto 7 to 10 days only and does not make a second advance to the same person when an earli....
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....elative of the assessee, in TCA No. 216 & 217 of 2019 dated 04.03.2019, which held the method of peak credit was rightly adopted for addition of the alleged undisclosed income of the assessee and is a well settled common principle. The relevant part at para 9 to 9.6 are reproduced herein below for ready reference: 9. I have pursued the assessment order, grounds of appeal and submissions made by the appellant during the course of appellate proceedings. 9.1 While going through the assessment order dated 26.03.2014, it can be seen that the Assessing Officer has made the addition amounting to Rs. 5.82,38,126/- which is being the cash deposit made by the appellant, as unexplained money as per the provisions of Sec. 69A of the A....
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....sidered to determine any deficit in determining unexplained cash balance to consider the addition. 9.4 The AR, during the course of appellate proceedings, has produced copy of the order of the jurisdictional High Court dated 4.3.2019 in Tax Case (Appeals) Nos. 216 & 217 of 2019 and C.M.P. No.5601 of 2019 in the case of PCIT Central-1, Chennai v. Sri A. Anbukannan. In this case the respondent is relative of the appellant, where facts and circumstances of the case are similar. In this case, the observation made by the Hon'ble Court is reproduced as under: "The assessee had both cash deposits and cash withdrawals in his bank account with the same bunk. Therefore, the method of Peak Credit was rightly adopted for addition ....