https://www.taxtmi.com/caselaws?id=405943 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision to delete the addition under Section 68 of the Income Tax Act, finding that the Assessing Officer did not adequately consider the source of cash deposits. The peak theory was applied to determine the amount, leading to a lump-sum addition for a subsequent assessment year. The Tribunal dismissed the argument regarding the admissibility of additional evidence and concluded that the Assessing Officer's actions were not justified. The appeal by the Assessing Officer was dismissed, affirming the decision of the Commissioner of Income Tax (Appeals). en-us Wed, 31 Mar 2021 00:00:00 +0530 Fri, 02 Apr 2021 09:14:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405943 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision to delete the addition under Section 68 of the Income Tax Act, finding that the Assessing Officer did not adequately consider the source of cash deposits. The peak theory was applied to determine the amount, leading to a lump-sum addition for a subsequent assessment year. The Tribunal dismissed the argument regarding the admissibility of additional evidence and concluded that the Assessing Officer's actions were not justified. The appeal by the Assessing Officer was dismissed, affirming the decision of the Commissioner of Income Tax (Appeals). Case-Laws Income Tax Wed, 31 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405943