https://www.taxtmi.com/caselaws?id=177611 The Appellate Tribunal upheld the decision of the Ld. CIT(A) to delete the addition of unexplained cash credit in the bank account under section 68 of the Income Tax Act, 1961 for the assessment year 2008-09. The Tribunal found no issue with the deletion of cheque deposits but disagreed with the Assessing Officer's rejection of the peak credit theory for cash deposits. The Tribunal upheld the addition based on peak credit for certain transactions, ultimately dismissing the revenue's appeal and confirming the Ld. CIT(A)'s order. en-us Wed, 28 Mar 2012 00:00:00 +0530 Wed, 13 Jan 2016 15:08:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177611 The Appellate Tribunal upheld the decision of the Ld. CIT(A) to delete the addition of unexplained cash credit in the bank account under section 68 of the Income Tax Act, 1961 for the assessment year 2008-09. The Tribunal found no issue with the deletion of cheque deposits but disagreed with the Assessing Officer's rejection of the peak credit theory for cash deposits. The Tribunal upheld the addition based on peak credit for certain transactions, ultimately dismissing the revenue's appeal and confirming the Ld. CIT(A)'s order. Case-Laws Income Tax Wed, 28 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177611