https://www.taxtmi.com/caselaws?id=38456 The High Court of Orissa reviewed a case involving the determination of concealed income under section 271(1)(c) of the Income Tax Act, 1961 based on peak credit entries in the books of accounts. The court found that the Tribunal erred in upholding the addition of Rs. 1,01,000 as concealed income, emphasizing the need for verification of the genuineness of a loan of Rs. 50,000 which could potentially reduce the concealed income amount. The court suggested a re-examination of the assessee's contentions by the Tribunal or remitting the matter to the Income-tax Officer for further investigation, with no costs awarded in the judgment. en-us Thu, 11 Aug 1977 00:00:00 +0530 Tue, 06 Apr 2010 13:17:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38456 The High Court of Orissa reviewed a case involving the determination of concealed income under section 271(1)(c) of the Income Tax Act, 1961 based on peak credit entries in the books of accounts. The court found that the Tribunal erred in upholding the addition of Rs. 1,01,000 as concealed income, emphasizing the need for verification of the genuineness of a loan of Rs. 50,000 which could potentially reduce the concealed income amount. The court suggested a re-examination of the assessee's contentions by the Tribunal or remitting the matter to the Income-tax Officer for further investigation, with no costs awarded in the judgment. Case-Laws Income Tax Thu, 11 Aug 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38456