peak credit theory

  • Income Tax

Earlier cash withdrawal can be explained as source for subsequent bank deposit – ITAT

Earlier cash withdrawal can be explained as source for subsequent bank deposit of cash, provided there are no evidence to…

3 years ago
  • Income Tax

If cash deposit fully explained no peak credit addition required as directed by ITAT

When cash deposit was fully explained no peak credit addition was required as directed by ITAT while remitting the matter…

4 years ago
  • Income Tax

Peak credit addition include income only up to the date of peak balance not thereafter – ITAT

Peak credit addition does not include income after peak balance date. ITAT directed addition of further 8% profit after the…

5 years ago
  • Income Tax

Mere earlier withdrawals no basis for explaining subsequent cash deposited in bank – ITAT

Merely cash withdrawals at one point of time cannot be a sole basis for explaining the cash deposit in future.…

5 years ago
  • Income Tax

Peak of both debit and credit entries of seized papers only can be added as undisclosed income

Peak of both debit and credit entries of seized papers only can be added as undisclosed income, no justification for…

5 years ago
  • Income Tax

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…

7 years ago
  • Income Tax

Additions ignoring peak credit amounts to double taxation if there is no material to show cash withdrawals could not have been re-deposited-ITAT

Additions ignoring peak credit amounts to double taxation if there is no material to show cash withdrawals could not have…

7 years ago
  • Income Tax

Peak Credit theory additions apply for unexplained cash deposits or where assessee fails to give satisfactory explanation u/s 68 69-ITAT

Peak Credit theory additions apply for unexplained cash deposits or where assessee fails to give satisfactory explanation and amount is…

7 years ago
  • Income Tax

Peak Credit theory additions ordered despite details not provided, evidence not furnished for the purposes of withdrawals from bank account-ITAT

Peak Credit theory additions ordered despite details not provided, evidence not furnished for the purposes of withdrawals from bank account-ITAT…

7 years ago
  • Income Tax

Peak credit theory do not apply to cash deposits made at outstation stations/cities when cash withdrawal were made at one city only-ITAT

Peak credit theory do not apply to cash deposits made at outstation stations/cities when cash withdrawal were made at one…

8 years ago