https://www.taxtmi.com/caselaws?id=462709 ITAT Rajkot rejected assessee's explanation that unexplained cash deposits represented commission agency business, as no supporting evidence was provided. However, applying peak credit theory, the tribunal found regular cash deposits and withdrawals in bank statements. Since revenue failed to prove withdrawn cash was used for expenses or investments, only the peak balance of Rs. 1,49,727 could be taxed rather than total deposits. As assessee declared income of Rs. 1,02,710, an additional Rs. 47,017 was added to taxable income. Appeal partly allowed. en-us Wed, 01 Jun 2022 00:00:00 +0530 Thu, 10 Jul 2025 20:20:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462709 ITAT Rajkot rejected assessee's explanation that unexplained cash deposits represented commission agency business, as no supporting evidence was provided. However, applying peak credit theory, the tribunal found regular cash deposits and withdrawals in bank statements. Since revenue failed to prove withdrawn cash was used for expenses or investments, only the peak balance of Rs. 1,49,727 could be taxed rather than total deposits. As assessee declared income of Rs. 1,02,710, an additional Rs. 47,017 was added to taxable income. Appeal partly allowed. Case-Laws Income Tax Wed, 01 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462709