https://www.taxtmi.com/caselaws?id=184304 The Tribunal upheld the Assessing Officer's decision to add unexplained cash credits under section 68, rejecting the assessee's argument that they were business transactions due to lack of genuine explanations and evidence. Additionally, the Tribunal affirmed the addition of unaccounted income from undisclosed sources, dismissing the peak credit principle as the assessee failed to establish the legitimacy of the transactions. The Tribunal concluded that the lack of credible explanations and evidence led to the dismissal of the assessee's appeal, upholding the CIT(A)'s order. en-us Thu, 03 Mar 2016 00:00:00 +0530 Tue, 05 Jul 2016 12:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184304 The Tribunal upheld the Assessing Officer's decision to add unexplained cash credits under section 68, rejecting the assessee's argument that they were business transactions due to lack of genuine explanations and evidence. Additionally, the Tribunal affirmed the addition of unaccounted income from undisclosed sources, dismissing the peak credit principle as the assessee failed to establish the legitimacy of the transactions. The Tribunal concluded that the lack of credible explanations and evidence led to the dismissal of the assessee's appeal, upholding the CIT(A)'s order. Case-Laws Income Tax Thu, 03 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184304