https://www.taxtmi.com/caselaws?id=243867 The appeals were dismissed, and the CIT Appeal's decision regarding the addition of peak investment was upheld due to insufficient evidence and questionable transactions in the bank account. The court emphasized the lack of satisfactory explanations for cash deposits, the undisclosed nature of transactions, and the failure to prove the legitimacy and purpose of loans received. The application of Section 68 of the IT Act played a crucial role in determining the genuineness of the transactions, ultimately leading to the dismissal of the appeals. en-us Thu, 08 Aug 2013 00:00:00 +0530 Wed, 12 Feb 2014 14:57:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243867 The appeals were dismissed, and the CIT Appeal's decision regarding the addition of peak investment was upheld due to insufficient evidence and questionable transactions in the bank account. The court emphasized the lack of satisfactory explanations for cash deposits, the undisclosed nature of transactions, and the failure to prove the legitimacy and purpose of loans received. The application of Section 68 of the IT Act played a crucial role in determining the genuineness of the transactions, ultimately leading to the dismissal of the appeals. Case-Laws Income Tax Thu, 08 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243867