https://www.taxtmi.com/caselaws?id=458173 The ITAT Ahmedabad upheld the CIT(A)'s order adopting peak credit method for unexplained cash credit addition. The assessee had an undisclosed bank account with Prime Co-op Bank, Katargam GIDC Branch, Surat. CIT(A) applied peak credit plus 5% profits totaling Rs. 9,02,519. Revenue argued that without business activity, debited amounts couldn't be linked to credit entries. ITAT rejected this, reasoning that absence of business activity strengthened inference that debited amounts were used for the credit entries in question, as no alternative utilization was demonstrated. en-us Fri, 31 Jul 2015 00:00:00 +0530 Fri, 11 Oct 2024 15:45:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458173 The ITAT Ahmedabad upheld the CIT(A)'s order adopting peak credit method for unexplained cash credit addition. The assessee had an undisclosed bank account with Prime Co-op Bank, Katargam GIDC Branch, Surat. CIT(A) applied peak credit plus 5% profits totaling Rs. 9,02,519. Revenue argued that without business activity, debited amounts couldn't be linked to credit entries. ITAT rejected this, reasoning that absence of business activity strengthened inference that debited amounts were used for the credit entries in question, as no alternative utilization was demonstrated. Case-Laws Income Tax Fri, 31 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458173