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TMI Blog1996 (2) TMI 555X X X X Extracts X X X X X X X X Extracts X X X X ..... stance of assessee and on that basis, this Court called reference from Tribunal and the following question of law has been referred for answer by this Court: Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the benefit of peak credit could not be granted to the assessee ? 2. Brief facts giving rise to this reference are that the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as paid out are as under : Credit amount Date Debit amount Date 10,000 20-01-1977 10.000 21-1-1977 11,000 21-01-1977 11,000 27-1-1977 20,000 11-03-1977 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... various customers. Therefore, this amount was raised by Munim and the same was sent through carrier on various dates. The ITO did not believe this explanation and found that there is no evidence to substantiate this allegation. He observed that if something is deposited in cash book, it is the assessee who was responsible to explain as to who brought the money and when and also on whose behalf. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... el for parties. The fact remains that the assessee's explanation was found untrue by all the lower authorities, this shows only the extent of assessee's credibility and the weakness in the explanation furnished by it. Shri Nema, learned counsel for the assessee, has tried to persuade us with reference to the question that it was to be taken as a peak credit. We fail to understand the theor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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