https://www.taxtmi.com/caselaws?id=188189 The case involved the treatment of peak balance of a bank account as the assessee's income and the application of sections 68/69/69A/69B of the Income-tax Act, 1961. The Commissioner of Income-tax (Appeals) directed the Assessing Officer to tax only the peak balance of the account as the assessee's income for the assessment year 2006-07. The Tribunal upheld this decision, stating that the peak balance represented the undisclosed income. The Tribunal also emphasized the need for clarity in applying specific sections for additions and endorsed the peak theory for determining income from transactions involving substantial money rotation. en-us Fri, 29 Apr 2011 00:00:00 +0530 Mon, 21 Nov 2016 16:17:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188189 The case involved the treatment of peak balance of a bank account as the assessee's income and the application of sections 68/69/69A/69B of the Income-tax Act, 1961. The Commissioner of Income-tax (Appeals) directed the Assessing Officer to tax only the peak balance of the account as the assessee's income for the assessment year 2006-07. The Tribunal upheld this decision, stating that the peak balance represented the undisclosed income. The Tribunal also emphasized the need for clarity in applying specific sections for additions and endorsed the peak theory for determining income from transactions involving substantial money rotation. Case-Laws Income Tax Fri, 29 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188189