https://www.taxtmi.com/caselaws?id=249010 The Tribunal affirmed the addition under Section 68 of the Income Tax Act, as the assessee failed to prove the source of cash deposits. The reopening of proceedings under Section 148/147 was deemed valid. The peak credit theory was rejected due to insufficient nexus between entries. The invocation of Section 68 for unexplained cash credits was upheld. No violation of natural justice principles was found, and the evidentiary value of statements recorded during survey under Section 133 was upheld. Appeals were dismissed, and Tribunal's findings were upheld. en-us Mon, 12 May 2014 00:00:00 +0530 Wed, 02 Jul 2014 11:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249010 The Tribunal affirmed the addition under Section 68 of the Income Tax Act, as the assessee failed to prove the source of cash deposits. The reopening of proceedings under Section 148/147 was deemed valid. The peak credit theory was rejected due to insufficient nexus between entries. The invocation of Section 68 for unexplained cash credits was upheld. No violation of natural justice principles was found, and the evidentiary value of statements recorded during survey under Section 133 was upheld. Appeals were dismissed, and Tribunal's findings were upheld. Case-Laws Income Tax Mon, 12 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249010