Tag: peak credit

Peak credit theory not applicable if deposits are unexplained u/s 68. ITAT decision overruled where CA was entry provider

Peak credit theory not applicable if deposits are unexplained u/s 68. High Court overruled ITAT decision where CA was providing accomodation entries and could not explain the deposits in his bank account. The Court held that where assessee is unable to explain the sources of deposits and the corresponding …