https://www.taxtmi.com/caselaws?id=426209 The ITAT upheld the CIT(A)'s decision to treat Rs. 6,00,000/- as genuine capital and Rs. 10,00,028/- as undisclosed capital from peak credits, dismissing the appellant's appeal. The addition based on estimating income at 8% of total cash deposits was deemed unsustainable and deleted. The CIT(A) partially allowed the appellant's contention on accumulated past savings. The ITAT found the CIT(A)'s order reasonable and in compliance with the law, confirming the undisclosed capital addition based on peak credits. en-us Wed, 03 Aug 2022 00:00:00 +0530 Wed, 10 Aug 2022 09:28:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426209 The ITAT upheld the CIT(A)'s decision to treat Rs. 6,00,000/- as genuine capital and Rs. 10,00,028/- as undisclosed capital from peak credits, dismissing the appellant's appeal. The addition based on estimating income at 8% of total cash deposits was deemed unsustainable and deleted. The CIT(A) partially allowed the appellant's contention on accumulated past savings. The ITAT found the CIT(A)'s order reasonable and in compliance with the law, confirming the undisclosed capital addition based on peak credits. Case-Laws Income Tax Wed, 03 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426209