https://www.taxtmi.com/caselaws?id=243821 The Tribunal dismissed the appeals of the assessees and allowed the appeals of the revenue, upholding the addition of Rs. 1,26,66,000/- under Section 68 of the Income Tax Act. The Tribunal confirmed that the assessee failed to prove the genuineness of the cash deposits and rejected the application of the peak credit theory. The decision was based on the consistent failure of the assessee to provide adequate evidence and the precedent set by higher judicial authorities. en-us Thu, 27 Jun 2013 00:00:00 +0530 Tue, 11 Feb 2014 06:24:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243821 The Tribunal dismissed the appeals of the assessees and allowed the appeals of the revenue, upholding the addition of Rs. 1,26,66,000/- under Section 68 of the Income Tax Act. The Tribunal confirmed that the assessee failed to prove the genuineness of the cash deposits and rejected the application of the peak credit theory. The decision was based on the consistent failure of the assessee to provide adequate evidence and the precedent set by higher judicial authorities. Case-Laws Income Tax Thu, 27 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243821