https://www.taxtmi.com/caselaws?id=310887 ITAT Chandigarh upheld CIT(A)'s order sustaining various additions made by AO during search proceedings. Court dismissed assessee's appeals regarding unexplained cash deposits, jewellery investments, construction expenses, and cash found during search. ITAT found no infirmity in CIT(A)'s decisions as assessee failed to substantiate sources with cogent evidence despite multiple opportunities. Court applied peak credit theory for bank deposits and noted presumption under section 292C favored revenue for documents found during search. Assessee's changing stances and failure to provide bank account details during assessment proceedings weakened credibility. en-us Mon, 06 Jun 2016 00:00:00 +0530 Thu, 23 Nov 2023 19:53:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310887 ITAT Chandigarh upheld CIT(A)'s order sustaining various additions made by AO during search proceedings. Court dismissed assessee's appeals regarding unexplained cash deposits, jewellery investments, construction expenses, and cash found during search. ITAT found no infirmity in CIT(A)'s decisions as assessee failed to substantiate sources with cogent evidence despite multiple opportunities. Court applied peak credit theory for bank deposits and noted presumption under section 292C favored revenue for documents found during search. Assessee's changing stances and failure to provide bank account details during assessment proceedings weakened credibility. Case-Laws Income Tax Mon, 06 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310887