https://www.taxtmi.com/caselaws?id=346392 The Court held that the ITAT erred in restricting the addition for unexplained deposits in the assessee's bank accounts based on the peak credit theory. It found that the peak credit theory was not applicable as the deposits remained unexplained under Section 68 of the Income Tax Act. The Court ruled in favor of the Revenue, setting aside the ITAT's decision and restoring the AO's order. The appeal was allowed with no order as to costs. en-us Fri, 04 Aug 2017 00:00:00 +0530 Mon, 02 Jul 2018 14:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346392 The Court held that the ITAT erred in restricting the addition for unexplained deposits in the assessee's bank accounts based on the peak credit theory. It found that the peak credit theory was not applicable as the deposits remained unexplained under Section 68 of the Income Tax Act. The Court ruled in favor of the Revenue, setting aside the ITAT's decision and restoring the AO's order. The appeal was allowed with no order as to costs. Case-Laws Income Tax Fri, 04 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346392