https://www.taxtmi.com/caselaws?id=188888 The case involved challenges to the addition of cash deposits under section 68 of the Income Tax Act, 1961. The assessee failed to provide satisfactory explanations for the deposits despite multiple opportunities, leading to the addition of the amount to income. The Commissioner of Income Tax (Appeals) upheld the addition due to lack of evidence. The burden of proof lies on the assessee to explain cash credits, and failure to comply with notices and provide valid explanations can result in adverse inferences. The Tribunal directed assessment based on the peak credit theory, allowing the appeal for statistical purposes. en-us Sat, 05 Dec 2015 00:00:00 +0530 Tue, 20 Dec 2016 09:43:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188888 The case involved challenges to the addition of cash deposits under section 68 of the Income Tax Act, 1961. The assessee failed to provide satisfactory explanations for the deposits despite multiple opportunities, leading to the addition of the amount to income. The Commissioner of Income Tax (Appeals) upheld the addition due to lack of evidence. The burden of proof lies on the assessee to explain cash credits, and failure to comply with notices and provide valid explanations can result in adverse inferences. The Tribunal directed assessment based on the peak credit theory, allowing the appeal for statistical purposes. Case-Laws Income Tax Sat, 05 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188888