https://www.taxtmi.com/caselaws?id=239292 The Tribunal upheld the Revenue's decision to treat the entire amount of unexplained cash deposits in the assessee's bank account as taxable. The assessee's appeal was dismissed as they failed to provide a satisfactory explanation for the source of the deposits and the inconsistency in the claim of recycling funds for charitable purposes. The Tribunal found no evidence supporting the peak credit theory and concluded that the funds were used for personal expenses. The decision was pronounced on April 17, 2013. en-us Wed, 17 Apr 2013 00:00:00 +0530 Sun, 10 Nov 2013 07:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239292 The Tribunal upheld the Revenue's decision to treat the entire amount of unexplained cash deposits in the assessee's bank account as taxable. The assessee's appeal was dismissed as they failed to provide a satisfactory explanation for the source of the deposits and the inconsistency in the claim of recycling funds for charitable purposes. The Tribunal found no evidence supporting the peak credit theory and concluded that the funds were used for personal expenses. The decision was pronounced on April 17, 2013. Case-Laws Income Tax Wed, 17 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239292