Assessee filed details of bank a/c of withdrawals & deposits,need verification.

Facts in Brief:

1. AO during the course of assessment proceedings noticed from the audit report and other details filed that the assessee has shown income from transport contract as well as trading of iron ore business in the name of P. M. Enterprises.

2. The AO while verifying the bank accounts of the assessee noticed from the copies of various parties' accounts that certain payments were shown to have been made by cheque to these concerns against transportation charges and purchase of iron ore.

3. AO made addition of entire bank deposits as unexplained investment in the bank account at Rs.5,64,11,900/-.

4. On appeal before CIT(A), who also confirmed the action of AO.

On appeal ITAT held,

5. We find that there is an unexplained deposit of Rs. 5,81,24,150/- out of which the assessee himself has declared a sum of Rs.14,93,340/- as income and the balance was added by the AO as unexplained investment amounting to Rs.5,64,11,900/-.

6. Now assessee has filed a peak statement before us for the first time and we have no mechanism to verify the peak.

7. The assessee has also 5 ITA No1021/Kol/2014 Prasun Mukherjee, AY 2010-11 filed the details of bank account co-relating the entries of withdrawals and deposits but these all need verification at the level of the AO.

8. Now before us both the parties agreed that the issue can be remitted back to the file of AO for ascertaining the amount of peak and application of peak.

9. In term of the above, we set aside the orders of the lower authorities and remand the matter back to the file of AO for ascertaining the correct income in term of the decision of Piysh Poddar, supra of coordinate Bench of this Tribunal. Accordingly, this appeal of assessee is allowed for statistical purposes.

10. In the result, appeal of assessee is allowed for statistical purposes.

Case Reference - Income Tax Appellate Tribunal - Kolkata Prasun Mukherjee, Kolkata vs Assessee.