https://www.taxtmi.com/caselaws?id=62223 The Tribunal upheld that the sum of Rs. 3,11,380 was a deposit, not an advance, dismissing the Revenue's appeal. It confirmed the peak credit computation at Rs. 1,06,000 for all accounts combined, rather than individually for the assessee, his wife, and children. Additionally, the Tribunal deleted the ad hoc addition of Rs. 50,000 made by the CIT(A) to the declared income of Rs. 3,25,000. The assessee's appeal was allowed, resulting in a favorable outcome for the assessee in all three issues raised in the case. en-us Wed, 31 Mar 1993 00:00:00 +0530 Tue, 18 Jan 2011 16:28:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62223 The Tribunal upheld that the sum of Rs. 3,11,380 was a deposit, not an advance, dismissing the Revenue's appeal. It confirmed the peak credit computation at Rs. 1,06,000 for all accounts combined, rather than individually for the assessee, his wife, and children. Additionally, the Tribunal deleted the ad hoc addition of Rs. 50,000 made by the CIT(A) to the declared income of Rs. 3,25,000. The assessee's appeal was allowed, resulting in a favorable outcome for the assessee in all three issues raised in the case. Case-Laws Income Tax Wed, 31 Mar 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62223