https://www.taxtmi.com/caselaws?id=366603 The Appellate Tribunal allowed the Assessee's appeal against the addition of Rs. 16,70,206 based on the peak credit theory by the Assessing Officer. The Tribunal found discrepancies in the assessment, noting that the cash deposits were explainable and reconcilable with the ledger account. The Tribunal deemed the Ld. CIT(A)'s decision contrary to facts and documents, leading to the deletion of the addition. The Tribunal emphasized the lack of evidence supporting the peak credit theory and set aside the addition, ruling in favor of the Assessee on April 11, 2018. en-us Wed, 11 Apr 2018 00:00:00 +0530 Fri, 07 Sep 2018 08:37:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366603 The Appellate Tribunal allowed the Assessee's appeal against the addition of Rs. 16,70,206 based on the peak credit theory by the Assessing Officer. The Tribunal found discrepancies in the assessment, noting that the cash deposits were explainable and reconcilable with the ledger account. The Tribunal deemed the Ld. CIT(A)'s decision contrary to facts and documents, leading to the deletion of the addition. The Tribunal emphasized the lack of evidence supporting the peak credit theory and set aside the addition, ruling in favor of the Assessee on April 11, 2018. Case-Laws Income Tax Wed, 11 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366603