https://www.taxtmi.com/caselaws?id=241060 The High Court of Allahabad upheld the Income Tax Appellate Tribunal's decision in an appeal under Section 260A of the Income Tax Act, 1961. The dispute centered on the re-computation of peak credits and debits for undisclosed income during a specific block period. The Court supported the Tribunal's direction for re-computation, emphasizing the application of the peak theory in determining undisclosed income. The High Court dismissed all appeals filed by the Department, affirming the Tribunal's decision and directing the Assessing Officer to pass a fresh assessment order within a specified period. en-us Fri, 13 Dec 2013 00:00:00 +0530 Mon, 16 Dec 2013 16:12:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241060 The High Court of Allahabad upheld the Income Tax Appellate Tribunal's decision in an appeal under Section 260A of the Income Tax Act, 1961. The dispute centered on the re-computation of peak credits and debits for undisclosed income during a specific block period. The Court supported the Tribunal's direction for re-computation, emphasizing the application of the peak theory in determining undisclosed income. The High Court dismissed all appeals filed by the Department, affirming the Tribunal's decision and directing the Assessing Officer to pass a fresh assessment order within a specified period. Case-Laws Income Tax Fri, 13 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241060