https://www.taxtmi.com/caselaws?id=270390 The case involved the assessment of undisclosed income from two bank accounts. The Tribunal upheld adding only the peak balance in the accounts as income, not the total deposits. The High Court agreed, stating the department lacked evidence to consider the entire deposit as income. The second issue questioned the Tribunal's disregard of a prior Gujarat High Court decision. The High Court affirmed the peak credit approach, finding no error in the Tribunal's decision. The Tax Appeal was dismissed as no legal question arose. en-us Tue, 22 Dec 2015 00:00:00 +0530 Tue, 05 Jan 2016 11:14:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270390 The case involved the assessment of undisclosed income from two bank accounts. The Tribunal upheld adding only the peak balance in the accounts as income, not the total deposits. The High Court agreed, stating the department lacked evidence to consider the entire deposit as income. The second issue questioned the Tribunal's disregard of a prior Gujarat High Court decision. The High Court affirmed the peak credit approach, finding no error in the Tribunal's decision. The Tax Appeal was dismissed as no legal question arose. Case-Laws Income Tax Tue, 22 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270390