https://www.taxtmi.com/caselaws?id=758609 ITAT Chennai dismissed Revenue's appeal challenging CIT(A)'s application of peak credit method for determining undisclosed income under section 69A. CIT(A) calculated peak credit considering opening balances in bank accounts, cash, advances, and income from money lending business less drawings. The method was upheld based on precedents from Madras HC and ITAT Chennai involving assessee's relatives. ITAT found no infirmity in CIT(A)'s approach and confirmed the peak credit method as appropriate for determining unexplained amounts. en-us Wed, 28 Aug 2024 00:00:00 +0530 Mon, 16 Sep 2024 18:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758609 ITAT Chennai dismissed Revenue's appeal challenging CIT(A)'s application of peak credit method for determining undisclosed income under section 69A. CIT(A) calculated peak credit considering opening balances in bank accounts, cash, advances, and income from money lending business less drawings. The method was upheld based on precedents from Madras HC and ITAT Chennai involving assessee's relatives. ITAT found no infirmity in CIT(A)'s approach and confirmed the peak credit method as appropriate for determining unexplained amounts. Case-Laws Income Tax Wed, 28 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758609