https://www.taxtmi.com/caselaws?id=426558 The Tribunal partially allowed the Revenue's appeal challenging the CIT(A)'s decision on unexplained cash credit for Assessment Year 2011-12. The Tribunal upheld the application of the Peak Balance Theory, directing the AO to verify peak cash balance and delete additions if funds exceeded the peak credit. Despite Revenue's objections, the Tribunal affirmed the CIT(A)'s authority to set aside the Assessment Order, emphasizing peak credit assessment and instructing a thorough examination of cash transactions. The decision provided detailed directions for consistent application in similar cases, ensuring proper verification and restriction of additions based on peak credit calculations. en-us Wed, 17 Aug 2022 00:00:00 +0530 Sat, 20 Aug 2022 08:27:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426558 The Tribunal partially allowed the Revenue's appeal challenging the CIT(A)'s decision on unexplained cash credit for Assessment Year 2011-12. The Tribunal upheld the application of the Peak Balance Theory, directing the AO to verify peak cash balance and delete additions if funds exceeded the peak credit. Despite Revenue's objections, the Tribunal affirmed the CIT(A)'s authority to set aside the Assessment Order, emphasizing peak credit assessment and instructing a thorough examination of cash transactions. The decision provided detailed directions for consistent application in similar cases, ensuring proper verification and restriction of additions based on peak credit calculations. Case-Laws Income Tax Wed, 17 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426558