https://www.taxtmi.com/caselaws?id=278267 The tribunal dismissed the appeal of both the assessee and the revenue, upholding the CIT(A)'s decision to reduce the addition to the undisclosed bank account. Issues included the non-issuance of a notice under the Income Tax Act, addition to an undisclosed bank account under section 69A, methodology for calculating the addition, and final appeal outcomes. The tribunal supported the peak credit theory and rejected the argument to tax only net profits due to insufficient evidence linking transactions to business activities. The court decision emphasized the lack of evidence, resulting in the dismissal of grounds raised by both parties. en-us Wed, 20 Jan 2016 00:00:00 +0530 Tue, 22 Jan 2019 07:51:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278267 The tribunal dismissed the appeal of both the assessee and the revenue, upholding the CIT(A)'s decision to reduce the addition to the undisclosed bank account. Issues included the non-issuance of a notice under the Income Tax Act, addition to an undisclosed bank account under section 69A, methodology for calculating the addition, and final appeal outcomes. The tribunal supported the peak credit theory and rejected the argument to tax only net profits due to insufficient evidence linking transactions to business activities. The court decision emphasized the lack of evidence, resulting in the dismissal of grounds raised by both parties. Case-Laws Income Tax Wed, 20 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278267