https://www.taxtmi.com/caselaws?id=344128 The Tribunal ruled in favor of the assessee, deleting the addition of Rs. 13,00,000 made by the AO for unexplained cash deposits in the bank account. The Tribunal found that the AO had accepted the source of most deposits but rejected the specific amount based on unfounded doubts regarding a confirmation from family members. Additionally, the Tribunal applied the peak credit theory, determining that the accepted source exceeded the peak credits, justifying the deletion of the addition. As a result, the appeal of the assessee was allowed, and the addition was overturned based on a comprehensive assessment of the evidence and legal principles. en-us Wed, 07 Jun 2017 00:00:00 +0530 Fri, 09 Jun 2017 05:36:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344128 The Tribunal ruled in favor of the assessee, deleting the addition of Rs. 13,00,000 made by the AO for unexplained cash deposits in the bank account. The Tribunal found that the AO had accepted the source of most deposits but rejected the specific amount based on unfounded doubts regarding a confirmation from family members. Additionally, the Tribunal applied the peak credit theory, determining that the accepted source exceeded the peak credits, justifying the deletion of the addition. As a result, the appeal of the assessee was allowed, and the addition was overturned based on a comprehensive assessment of the evidence and legal principles. Case-Laws Income Tax Wed, 07 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344128