https://www.taxtmi.com/caselaws?id=380401 The High Court upheld the use of the Peak Credit method in determining the Assessee's income and source of unexplained deposits for the Assessment Year 2010-11. The Court found that the method was rightly adopted to address unexplained credit entries in the bank account, emphasizing the need to consider both cash deposits and withdrawals. The Court dismissed the Revenue's Appeals, deeming the findings of the lower Authorities as not perverse or illegal, and concluded that the additions based on Peak Credit were reasonable while further additions were unjustified and deleted. en-us Mon, 04 Mar 2019 00:00:00 +0530 Mon, 20 May 2019 07:03:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380401 The High Court upheld the use of the Peak Credit method in determining the Assessee's income and source of unexplained deposits for the Assessment Year 2010-11. The Court found that the method was rightly adopted to address unexplained credit entries in the bank account, emphasizing the need to consider both cash deposits and withdrawals. The Court dismissed the Revenue's Appeals, deeming the findings of the lower Authorities as not perverse or illegal, and concluded that the additions based on Peak Credit were reasonable while further additions were unjustified and deleted. Case-Laws Income Tax Mon, 04 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380401