https://www.taxtmi.com/caselaws?id=310478 The ITAT Chandigarh upheld the CIT(A)'s order regarding multiple additions in the assessee's case. The tribunal confirmed the estimation of gross profit rate addition and dismissed the assessee's cross objection. For bogus purchases through a shell entity, the tribunal applied the peak credit theory rather than treating total deposits as unexplained income, finding the AO's investigation revealed a circular transaction scheme. The CIT(A)'s direction to make additions based on peak credits and provide benefit of surrendered amount after total additions was upheld. Both revenue's appeals and assessee's cross objection were dismissed. en-us Thu, 24 Jul 2014 00:00:00 +0530 Fri, 27 Oct 2023 09:46:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310478 The ITAT Chandigarh upheld the CIT(A)'s order regarding multiple additions in the assessee's case. The tribunal confirmed the estimation of gross profit rate addition and dismissed the assessee's cross objection. For bogus purchases through a shell entity, the tribunal applied the peak credit theory rather than treating total deposits as unexplained income, finding the AO's investigation revealed a circular transaction scheme. The CIT(A)'s direction to make additions based on peak credits and provide benefit of surrendered amount after total additions was upheld. Both revenue's appeals and assessee's cross objection were dismissed. Case-Laws Income Tax Thu, 24 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310478