https://www.taxtmi.com/caselaws?id=273058 The tribunal dismissed the appeal, upholding the Principal Commissioner of Income Tax's decision to treat deposits as unexplained investments due to lack of evidence on business operations and the source of deposits. The Assessing Officer's acceptance of income based on peak credit without verifying the business claim was deemed erroneous, leading to enhancement of income under sec. 69 of the Act. Judicial precedents supporting Assessing Officer's plausible view during assessment were considered but deemed insufficient to overturn the decision. en-us Wed, 05 Aug 2015 00:00:00 +0530 Sat, 02 Jun 2018 11:36:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273058 The tribunal dismissed the appeal, upholding the Principal Commissioner of Income Tax's decision to treat deposits as unexplained investments due to lack of evidence on business operations and the source of deposits. The Assessing Officer's acceptance of income based on peak credit without verifying the business claim was deemed erroneous, leading to enhancement of income under sec. 69 of the Act. Judicial precedents supporting Assessing Officer's plausible view during assessment were considered but deemed insufficient to overturn the decision. Case-Laws Income Tax Wed, 05 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273058