https://www.taxtmi.com/caselaws?id=426520 The Tribunal upheld the application of the peak credit theory in determining undisclosed income but directed the Assessing Officer to verify the peak credit calculation based on cash receipts and withdrawals. The Tribunal partially allowed the Revenue's appeal, modifying the directions given by the CIT(A) and emphasizing the importance of accurately assessing unexplained income in cases involving money lending activities. en-us Wed, 17 Aug 2022 00:00:00 +0530 Sat, 20 Aug 2022 08:23:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426520 The Tribunal upheld the application of the peak credit theory in determining undisclosed income but directed the Assessing Officer to verify the peak credit calculation based on cash receipts and withdrawals. The Tribunal partially allowed the Revenue's appeal, modifying the directions given by the CIT(A) and emphasizing the importance of accurately assessing unexplained income in cases involving money lending activities. Case-Laws Income Tax Wed, 17 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426520