https://www.taxtmi.com/caselaws?id=177323 The revenue's appeal against the deletion of an addition made by the AO under section 69 of the Act was dismissed by the ITAT. The Ld. CIT(A) upheld the appellant's submission, emphasizing the acceptance of the peak balance method in a prior year. The ITAT affirmed the Ld. CIT(A)'s decision, directing the AO to calculate undisclosed income using the peak credit theory for consistency across assessment years. The judgment stressed the importance of adhering to established practices and precedents unless there are material changes warranting deviation. en-us Tue, 11 Feb 2014 00:00:00 +0530 Thu, 07 Jan 2016 10:37:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177323 The revenue's appeal against the deletion of an addition made by the AO under section 69 of the Act was dismissed by the ITAT. The Ld. CIT(A) upheld the appellant's submission, emphasizing the acceptance of the peak balance method in a prior year. The ITAT affirmed the Ld. CIT(A)'s decision, directing the AO to calculate undisclosed income using the peak credit theory for consistency across assessment years. The judgment stressed the importance of adhering to established practices and precedents unless there are material changes warranting deviation. Case-Laws Income Tax Tue, 11 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177323