https://www.taxtmi.com/caselaws?id=214791 The Tribunal dismissed the appeal regarding the addition of unexplained deposits and allowed the appeal concerning the penalty, directing the CIT(A) to redecide the penalty appeal on merits. The Tribunal found that the peak credit theory was not applicable as the deposits remained unexplained, and the assessee failed to provide convincing evidence to the contrary. The delay in filing the penalty appeal was condoned due to the negligence of the previous counsel, and the matter was remanded for a decision on merits within two months. en-us Fri, 22 Jun 2012 00:00:00 +0530 Thu, 12 Jul 2012 17:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214791 The Tribunal dismissed the appeal regarding the addition of unexplained deposits and allowed the appeal concerning the penalty, directing the CIT(A) to redecide the penalty appeal on merits. The Tribunal found that the peak credit theory was not applicable as the deposits remained unexplained, and the assessee failed to provide convincing evidence to the contrary. The delay in filing the penalty appeal was condoned due to the negligence of the previous counsel, and the matter was remanded for a decision on merits within two months. Case-Laws Income Tax Fri, 22 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214791