https://www.taxtmi.com/caselaws?id=333575 Additions based on cash deposits were deleted where the assessee produced balance sheet, cash book and bank book, and the deposits were explained as cash loans and re-deposit of withdrawn amounts; in the absence of any specific defect or rebuttal, the peak credit principle and the rule against taxing circulating cash twice supported relief. Ad hoc additions to trading results and business expenses were also deleted because they were made on estimate without identifying any voucher, item or adverse account defect. The disallowance of Chapter VI-A deduction for LIC premium and tuition fees was likewise deleted, as the payments were stated to have been made through banking channels and no contrary inadmissibility was shown. en-us Tue, 30 Aug 2016 00:00:00 +0530 Tue, 18 Oct 2016 09:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333575 Additions based on cash deposits were deleted where the assessee produced balance sheet, cash book and bank book, and the deposits were explained as cash loans and re-deposit of withdrawn amounts; in the absence of any specific defect or rebuttal, the peak credit principle and the rule against taxing circulating cash twice supported relief. Ad hoc additions to trading results and business expenses were also deleted because they were made on estimate without identifying any voucher, item or adverse account defect. The disallowance of Chapter VI-A deduction for LIC premium and tuition fees was likewise deleted, as the payments were stated to have been made through banking channels and no contrary inadmissibility was shown. Case-Laws Income Tax Tue, 30 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333575