AMAR SINGH,AGRA vs. ITO 1(2)(2), AGRA

This assessee’s appeal for assessment year 2011-12, arises against the Commissioner of Income Tax (Appeals)-1 [in short the “CIT(A)”], Agra’s order in Appeal No. 210/CIT-(A)-I/Agra/ITO-1(2)(2)/Agra/2016-17 dated 22.10.2018, involving proceedings under section 147 r.w.s. 144 of the Income-tax Act, 1961 (hereinafter referred to as ‘the Act’).

Heard both the parties at length. Case file perused.

It emerges during the course of hearing with the able assistance coming from both the parties that the learned lower authorities have treated the assessee’s cash deposits of Rs. 37,71,700/- as unexplained cash credits u/s. 68 of the Act, in the course of assessment framed on 07.12.2017 as upheld in the lower appellate discussion.

Faced with this situation, our attention was invited to the assessee’s bank statement wherein there are total 519 transactions indicating peak balance as on 10.09.2010 to the tune of Rs.1,27,800/- only. This clinching figure has gone un-rebutted from the Revenue side. We, therefore, uphold the impugned addition only to the tune of peak balance amount of Rs.1,27,800/- only and direct the learned Assessing Officer to frame his consequential computation in very terms.

This assessee’s appeal is partly allowed.