https://www.taxtmi.com/caselaws?id=261902 The Tribunal upheld the ld. CIT(A)'s decision to restrict the addition of unexplained deposits in the bank account to Rs. 9,41,557, applying the peak credit theory. The Revenue's appeal against this decision was dismissed. Additionally, the Tribunal upheld the disallowance of certain expenditures, including telephone, mobile, vehicle expenses, depreciation, and petrol expenses, due to lack of supporting evidence and potential personal benefit. The Tribunal's decision favored the application of the peak credit theory and the disallowances, rejecting the arguments raised by both the Revenue and the assessee's CO. en-us Wed, 24 Jun 2015 00:00:00 +0530 Thu, 30 Jul 2015 16:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261902 The Tribunal upheld the ld. CIT(A)'s decision to restrict the addition of unexplained deposits in the bank account to Rs. 9,41,557, applying the peak credit theory. The Revenue's appeal against this decision was dismissed. Additionally, the Tribunal upheld the disallowance of certain expenditures, including telephone, mobile, vehicle expenses, depreciation, and petrol expenses, due to lack of supporting evidence and potential personal benefit. The Tribunal's decision favored the application of the peak credit theory and the disallowances, rejecting the arguments raised by both the Revenue and the assessee's CO. Case-Laws Income Tax Wed, 24 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261902