https://www.taxtmi.com/caselaws?id=179749 The High Court upheld the decisions of the CIT(A) and ITAT regarding unexplained cash deposits and withdrawals. The Court agreed with limiting the addition to Rs. 7,95,160, as supported by the explanation provided by the appellant. The application of the peak theory in determining tax liability was deemed satisfactory, with the appellant providing plausible explanations for financial transactions. The Court dismissed the tax appeal for lack of substantial legal questions, emphasizing the importance of explaining the source of deposits and accepting reasonable explanations. en-us Mon, 11 Aug 2014 00:00:00 +0530 Wed, 09 Mar 2016 11:39:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179749 The High Court upheld the decisions of the CIT(A) and ITAT regarding unexplained cash deposits and withdrawals. The Court agreed with limiting the addition to Rs. 7,95,160, as supported by the explanation provided by the appellant. The application of the peak theory in determining tax liability was deemed satisfactory, with the appellant providing plausible explanations for financial transactions. The Court dismissed the tax appeal for lack of substantial legal questions, emphasizing the importance of explaining the source of deposits and accepting reasonable explanations. Case-Laws Income Tax Mon, 11 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179749