Chinnu Srinivasan vs. The Income Tax Officer

Parties Involved

Facts Summary

The assessee, Chinnu Srinivasan, filed an appeal against the order passed by the Commissioner of Income Tax (Appeals) for the assessment year 2012-13. The Assessing Officer found cash deposits of ₹20,47,400/- and withdrawals of ₹19,95,000/- in the assessee's bank accounts. Without proper explanation for the withdrawals, the Assessing Officer added ₹20,34,000/- to the assessee's total income. The Commissioner of Income Tax (Appeals) confirmed this addition. The assessee argued that the addition should be restricted to the peak credit of ₹1,97,800/- for the year under consideration.…

Legal Issues

• 1. Whether the Commissioner of Income Tax (Appeals) is justified in confirming the addition made by the Assessing Officer without considering the peak credit concept.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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