https://www.taxtmi.com/caselaws?id=459134 ITAT Surat reduced additions from entire cash deposits of Rs. 19,90,400 to peak credit of Rs. 2,56,590, finding assessee failed to substantiate that deposits represented sale proceeds but entire amount couldn't be taxed as income. Tribunal applied peak credit theory supported by Gujarat HC precedents. Additionally, profit element in share transactions was restricted to 10% (Rs. 1,37,730) instead of full amount, considering market fluctuations. Appeal partly allowed with substantial reduction in additions. en-us Thu, 28 Feb 2019 00:00:00 +0530 Mon, 02 Dec 2024 19:08:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459134 ITAT Surat reduced additions from entire cash deposits of Rs. 19,90,400 to peak credit of Rs. 2,56,590, finding assessee failed to substantiate that deposits represented sale proceeds but entire amount couldn't be taxed as income. Tribunal applied peak credit theory supported by Gujarat HC precedents. Additionally, profit element in share transactions was restricted to 10% (Rs. 1,37,730) instead of full amount, considering market fluctuations. Appeal partly allowed with substantial reduction in additions. Case-Laws Income Tax Thu, 28 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459134