https://www.taxtmi.com/article/detailed?id=1575 Peak credit theory allows arranging unexplained credits and debits chronologically and treating later credits as referable to earlier withdrawals so only the peak unexplained amount is assessed; it may extend across accounts if all credits are treated as the assessee's funds and is rebuttable by material showing withdrawals were sourced elsewhere. Telescoping permits set offs between different types of additions or across years where an unexplained investment may be treated as made from previously assessed unexplained income, avoiding overlapping additions. Both doctrines are fact specific, applied cautiously, and limited mainly to non genuine entries. en-us Thu, 19 Jan 2012 06:00:44 +0530 Thu, 19 Jan 2012 06:00:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1575 Peak credit theory allows arranging unexplained credits and debits chronologically and treating later credits as referable to earlier withdrawals so only the peak unexplained amount is assessed; it may extend across accounts if all credits are treated as the assessee's funds and is rebuttable by material showing withdrawals were sourced elsewhere. Telescoping permits set offs between different types of additions or across years where an unexplained investment may be treated as made from previously assessed unexplained income, avoiding overlapping additions. Both doctrines are fact specific, applied cautiously, and limited mainly to non genuine entries. Articles Income Tax Thu, 19 Jan 2012 06:00:44 +0530 https://www.taxtmi.com/article/detailed?id=1575