2016 (5) TMI 928 - SCH - Income Tax

Reopening of assessment - Addition u/s 68 - Held that - HC order confirmed 2014 (7) TMI 47 - PUNJAB & HARYANA HIGH COURT . There were cash deposits in the bank account and thereafter cheques were issued to different parties and in such circumstances, the theory of peak credit could not be accepted - assessee had not been able to show that there existed any nexus whereby the amount deposited in cash had been withdrawn in cash and thereafter re-deposited to take benefit under peak credit theory - Decided against assessee.

Summary

The Supreme Court of India dismissed the Special Leave Petition as it found no merit in the case. Delay was condoned, and any pending application was disposed of. (Citation: 2016 (5) TMI 928 - SC Order)