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TMI Blog2014 (8) TMI 349X X X X Extracts X X X X X X X X Extracts X X X X ..... hat 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- assessee had not been able to show that there existed any nexus whereby the amount deposited in cash had been withdrawn in cash and thereafter re-deposited to take benefit under peak credit theory – thus, no substantia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e order dated 27.6.2013 passed by the Income Tax Appellate Tribunal, Chandigarh Bench A , Chandigarh, in ITA No. 713/Chd/2010, for the assessment year 2007-08, claiming the following substantial questions of law:- a) Whether on the facts and in the circumstances of the case, the Tribunal while affirming the order passed by the Assessing Officer acted illegally and perversely in recording its ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e basis of statement recorded during survey under Section 133 of the Act which has no evidentiary value? e) Whether on the facts and in the circumstances of the case, the impugned order passed by the Tribunal is perverse and a result of total non application of mind? 3. Put shortly, the facts necessary for adjudication of the present appeal as pleaded therein may be noticed. The assessee in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT (A) vide order dated 16.4.2010 (Annexure A-2) sustained the addition of ₹ 10,55,260/- thereby deleting the addition of ₹ 1,16,10,740/-. Against the order dated 16.4.2010 (Annexure A-2), the assessee as well as the revenue filed appeals before the Tribunal. The Tribunal vide order dated 27.6.2013 dismissed the appeals filed by the assessee and allowed that of the revenue. Hence, the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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