https://www.taxtmi.com/caselaws?id=279701 The court ruled in favor of the assessee regarding the interpretation of the peak credit theory for income tax assessment. It held that the benefit of peak credit should be granted to the assessee, provided the withdrawn amount was not used for other investments or expenditures. The court emphasized that the Assessing Officer must establish such usage to deny the peak credit benefit. However, the court decided in favor of the revenue department on the application of section 69 of the Income Tax Act concerning unexplained expenditure, as the second question was not pressed by the assessee. en-us Wed, 12 Nov 2014 00:00:00 +0530 Tue, 02 Apr 2019 07:16:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279701 The court ruled in favor of the assessee regarding the interpretation of the peak credit theory for income tax assessment. It held that the benefit of peak credit should be granted to the assessee, provided the withdrawn amount was not used for other investments or expenditures. The court emphasized that the Assessing Officer must establish such usage to deny the peak credit benefit. However, the court decided in favor of the revenue department on the application of section 69 of the Income Tax Act concerning unexplained expenditure, as the second question was not pressed by the assessee. Case-Laws Income Tax Wed, 12 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279701