https://www.taxtmi.com/caselaws?id=763799 ITAT Chennai dismissed Revenue's appeal regarding addition of peak credits from undisclosed bank accounts. Lower authorities correctly computed peak credit at Rs. 2.99 crores after considering all bank statements and circular transactions. CIT(A) properly assessed peak credit including assessee's father's bank account transactions. AO verified facts and CIT(A) directed assessment of only peak credit with no further additions. Tribunal found no infirmity in CIT(A)'s order limiting assessment to peak credit computation. en-us Wed, 06 Nov 2024 00:00:00 +0530 Fri, 27 Dec 2024 20:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763799 ITAT Chennai dismissed Revenue's appeal regarding addition of peak credits from undisclosed bank accounts. Lower authorities correctly computed peak credit at Rs. 2.99 crores after considering all bank statements and circular transactions. CIT(A) properly assessed peak credit including assessee's father's bank account transactions. AO verified facts and CIT(A) directed assessment of only peak credit with no further additions. Tribunal found no infirmity in CIT(A)'s order limiting assessment to peak credit computation. Case-Laws Income Tax Wed, 06 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763799