TaxTMI 
TaxTMI 
2026 (1) TMI 74
X X X X Extracts X X X X
X X X X Extracts X X X X
....ar 2011-12. 2. In this appeal, the assessee has raised the following grounds: - "1. the facts and in the circumstances of the case and in law, the learned Commissioner of Income-tax (Appeals) [CIT(A)] erred in upholding the reassessment completed u/s 143(3) r.w.s.147. 2. On the facts and in the circumstances of the case and in law, the learned CIT(A) erred in confirming the addition of Rs. 99,40,506/- as alleged unexplained income u/s 69 of the Act. 3. Addition under section 69 is unsustainable in the absence of corroborative evidence. 4. The learned CIT(A) erred in law and on facts in holding that "peak credit method" is justified in the present case. 5. The learned CIT(A) erred in not follow....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e bank accounts of the assessee revealed the following deposits in his bank accounts: - Sl.no. Name of the bank A/c. No. Total receipts (Rs) 1. Kotak Mahindra Bank 06690120010721 6,56,002 2. ING Vysa Bank 533010038218 34,51,994 3. ING Vysa Bank (current a/c) 533011017091 6,90,34,390 4. ING Vysa Bank 5330110154449 6,00,042 5 ING Vysa Bank 5330110144455 27,89,437 6. Vijaya Bank 504401010012221 2,10,405 7. Dhanlaxmi Bank 017400100010750 3,81,475 Total: 7,71,23,745 6. Accordingly, the statement of the assessee was recorded under section 131 of the Act in respect of money deposited in his bank accounts, wherein the assesse....
X X X X Extracts X X X X
X X X X Extracts X X X X
..../purchase was involved. As regards the commission income of Rs. 1,00,700, the AO held that the onus lies on the assessee to prove that these transactions were circular transactions and were different from sale/purchase, and that the assessee was bound to accept 0.5% of the total transactions. Accordingly, the AO, by considering the peak credit appearing in various banks, amounting to Rs. 99,40,506, made the addition under section 69 of the Act. 8. The learned CIT(A), vide impugned order, upheld the addition made by the AO under section 69 of the Act on the basis of peak credit appearing in bank accounts of the assessee. Being aggrieved, the assessee is in appeal before us. 9. We have considered the submissions of both sides and peruse....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ith A.V. Forgings Private Ltd, the learned CIT(A) for the assessment year 2010- 11 considered the profit rate of 0.25% on total turnover. From the perusal of the order passed by the learned CIT(A) in assessee's own case for the assessment year 2010-11, forming part of the paper book from pages 20- 25, we find that the learned CIT(A) observed as follows: - "10. In this year beside the above facts of the case there is issue of not explaining properly the deposits in the bank accounts of the appellant. The only defence of appellant is that entire transactions are circulating transactions and no purchases, and/or sales have been effected. No details in the form of confirmation of the relevant parties and justification for doing such ci....