https://www.taxtmi.com/caselaws?id=336101 The Tribunal upheld the CIT(A)'s decision to enhance the addition to Rs. 29,88,000, denying the benefit of the peak theory. The Tribunal found that the assessee failed to prove the creditworthiness of the alleged creditors and the genuineness of the transactions. The AO was directed to re-examine the cash deposits, granting relief if a satisfactory explanation was provided; otherwise, the peak theory would apply. The assessee's appeal was allowed for statistical purposes. en-us Fri, 02 Dec 2016 00:00:00 +0530 Thu, 15 Dec 2016 18:55:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336101 The Tribunal upheld the CIT(A)'s decision to enhance the addition to Rs. 29,88,000, denying the benefit of the peak theory. The Tribunal found that the assessee failed to prove the creditworthiness of the alleged creditors and the genuineness of the transactions. The AO was directed to re-examine the cash deposits, granting relief if a satisfactory explanation was provided; otherwise, the peak theory would apply. The assessee's appeal was allowed for statistical purposes. Case-Laws Income Tax Fri, 02 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336101