https://www.taxtmi.com/caselaws?id=425118 The Tribunal upheld the validity of the assessment order under Section 143(3) read with Section 147, dismissing the assessee's jurisdictional challenge. The addition of business receipts and cash deposits was upheld due to lack of evidence. The Tribunal directed the AO to apply the peak credit concept for certain transactions and remanded the matter for further adjudication. The initiation of penalty proceedings under Section 271(1)(c) was deemed premature. An additional ground of appeal challenging the addition under Section 68 was rejected. The appeal was partly allowed for statistical purposes, with directions for reconsideration on specific issues. en-us Tue, 12 Jul 2022 00:00:00 +0530 Sat, 16 Jul 2022 09:21:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425118 The Tribunal upheld the validity of the assessment order under Section 143(3) read with Section 147, dismissing the assessee's jurisdictional challenge. The addition of business receipts and cash deposits was upheld due to lack of evidence. The Tribunal directed the AO to apply the peak credit concept for certain transactions and remanded the matter for further adjudication. The initiation of penalty proceedings under Section 271(1)(c) was deemed premature. An additional ground of appeal challenging the addition under Section 68 was rejected. The appeal was partly allowed for statistical purposes, with directions for reconsideration on specific issues. Case-Laws Income Tax Tue, 12 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425118