https://www.taxtmi.com/caselaws?id=188199 The ITAT Kolkata dismissed the Revenue's appeals against the CIT (Appeals) orders for the relevant assessment years. The ITAT upheld the relief granted to the assessee, who was engaged in the trading of readymade garments, based on the peak credit concept. The ITAT found that the CIT (Appeals) correctly assessed the taxable amounts by considering withdrawals and deposits in the bank statements, particularly excluding non-cash withdrawals. Despite the Revenue's challenge regarding insufficient records, the ITAT determined that the CIT (Appeals) analysis was appropriate, noting the lack of merit in the Revenue's appeals. en-us Wed, 08 Jan 2014 00:00:00 +0530 Tue, 22 Nov 2016 11:46:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188199 The ITAT Kolkata dismissed the Revenue's appeals against the CIT (Appeals) orders for the relevant assessment years. The ITAT upheld the relief granted to the assessee, who was engaged in the trading of readymade garments, based on the peak credit concept. The ITAT found that the CIT (Appeals) correctly assessed the taxable amounts by considering withdrawals and deposits in the bank statements, particularly excluding non-cash withdrawals. Despite the Revenue's challenge regarding insufficient records, the ITAT determined that the CIT (Appeals) analysis was appropriate, noting the lack of merit in the Revenue's appeals. Case-Laws Income Tax Wed, 08 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188199