Earlier cash withdrawal can be explained as source for subsequent bank deposit of cash, provided there are no evidence to…
When cash deposit was fully explained no peak credit addition was required as directed by ITAT while remitting the matter…
Peak credit addition does not include income after peak balance date. ITAT directed addition of further 8% profit after the…
Merely cash withdrawals at one point of time cannot be a sole basis for explaining the cash deposit in future.…
Peak of both debit and credit entries of seized papers only can be added as undisclosed income, no justification for…
Peak credit theory not applicable if deposits are unexplained u/s 68. High Court overruled ITAT decision where CA was providing…
Additions ignoring peak credit amounts to double taxation if there is no material to show cash withdrawals could not have…
Peak Credit theory additions apply for unexplained cash deposits or where assessee fails to give satisfactory explanation and amount is…
Peak Credit theory additions ordered despite details not provided, evidence not furnished for the purposes of withdrawals from bank account-ITAT…
Peak credit theory do not apply to cash deposits made at outstation stations/cities when cash withdrawal were made at one…