https://www.taxtmi.com/caselaws?id=121066 The Tribunal dismissed the revenue's appeals and partly allowed the assessee's appeals, ruling that section 69C was not applicable and rejecting the peak credit theory for making additions. The Tribunal emphasized the lack of concrete evidence and reliance on presumptions by the AO. Consequently, the additions made by the AO and sustained by the CIT (Appeals) were not upheld, leading to a favorable outcome for the assessee in the reassessment proceedings under the Income-tax Act. en-us Mon, 30 Apr 2007 00:00:00 +0530 Thu, 26 Jul 2012 13:20:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121066 The Tribunal dismissed the revenue's appeals and partly allowed the assessee's appeals, ruling that section 69C was not applicable and rejecting the peak credit theory for making additions. The Tribunal emphasized the lack of concrete evidence and reliance on presumptions by the AO. Consequently, the additions made by the AO and sustained by the CIT (Appeals) were not upheld, leading to a favorable outcome for the assessee in the reassessment proceedings under the Income-tax Act. Case-Laws Income Tax Mon, 30 Apr 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121066