https://www.taxtmi.com/caselaws?id=346657 The ITAT upheld the additions of Rs. 31,19,000/- and Rs. 1,70,000/- as unexplained cash credits due to inconsistent and unsubstantiated explanations by the assessee. However, it allowed the appeal for statistical purposes, directing the AO to recompute the additions based on the peak credit theory, considering the availability of funds from cash withdrawals. The matter was remanded back to the AO for fresh adjudication, ensuring the assessee is given a fair opportunity to present evidence. en-us Wed, 21 Jun 2017 00:00:00 +0530 Mon, 21 Aug 2017 08:09:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346657 The ITAT upheld the additions of Rs. 31,19,000/- and Rs. 1,70,000/- as unexplained cash credits due to inconsistent and unsubstantiated explanations by the assessee. However, it allowed the appeal for statistical purposes, directing the AO to recompute the additions based on the peak credit theory, considering the availability of funds from cash withdrawals. The matter was remanded back to the AO for fresh adjudication, ensuring the assessee is given a fair opportunity to present evidence. Case-Laws Income Tax Wed, 21 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346657