Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights June 2017 Year 2017 This

Addition on unexplained cash deposit - source of cash - where no ...


Peak Theory Best for Assessing Unexplained Cash Deposits Without Books, Determines Highest Income for Assessment Purposes.

June 21, 2017

Case Laws     Income Tax     AT

Addition on unexplained cash deposit - source of cash - where no books of accounts are maintained the peak theory is best method to assess the actual income earned from such transactions

View Source

 


 

You may also like:

  1. The ITAT considered the issue of cash deposits and other credits in the assessee's saving bank account. The tribunal noted that the cash deposits were not made in a...

  2. Addition u/s 69A - unexplained income - cash deposits made into bank account during demonetization period - assessee neither furnished stock summary nor bills/vouchers...

  3. Cash credit u/s 68 r.w.s. 115BBE - cash deposit during demonetization period - assessee's failure to maintain books of accounts u/s 44AD. Held that where exemption from...

  4. Addition made u/s 68 of the Act – Applicability of peak credit theory – The peak credit theory is not applicable - there are deposits in cash but as against the said...

  5. Deposits by the assessee in bank account during demonetization period were not unexplained. Section 69A is inapplicable as there were proper entries for cash sales, cash...

  6. Unexplained credit u/s 68 - peak credit theory - CIT(A) has rightly rejected the claim of the assessee of adopting peak theory for considering unexplained credit - AT

  7. AO accepted assessee company's books of accounts and net profit disclosed therein. However, AO treated cash deposits in bank accounts during demonetization period as...

  8. Addition u/s 68 - unexplained cash deposits - What is relevant is the source for the funds deposited in the bank account and assessee has proved that it has sufficient...

  9. Unexplained investment u/s 69 - cash deposit - the alleged transactions of cash deposits and corresponding entries of cheque issued were not in the nature of any...

  10. Rejection of the books of accounts - best judgment assessment u/s 144 - addition of the sales made in cash on account of unexplained cash credit u/s 68 - While the...

  11. Rejection of books of accounts u/s 145 - Addition u/ss 68/69A with 115BBE - cash deposited during demonetization as unexplained credit. The Assessing Officer did not...

  12. Unexplained money u/s 69A read with Section 115BBE(1) - no explanation regarding source of cash deposit in savings account - case selected for limited scrutiny, thus...

  13. The ITAT Delhi held that the CIT(A) erred in presuming all cash deposits as business receipts u/s 44AD. The CIT(A) treated deposits as business receipts and applied 8%...

  14. This case pertains to the addition made u/s 69A of the Income Tax Act regarding unexplained cash found during a search operation. The assessee produced a cash book to...

  15. Addition u/s 68 - Unexplained cash credit - CIT(A) accepted the source of cash deposits without any supporting documents, the issue require detailed enquiry with regard...

 

Quick Updates:Latest Updates