The peak credit is applied where the assessee can correlate the ...

Peak Credit Theory Rejected: Assessee Fails to Correlate Bank Deposits and Withdrawals, Application Deemed Inappropriate.

October 22, 2019

Case Laws Income Tax AT

The peak credit is applied where the assessee can correlate the deposits viz a viz withdrawal from the bank. As the assessee failed to establish the correlation between the deposit of cheques as well as cheques withdrawn from the bank. Therefore we are reluctant to apply the peak credit theory in the given facts and circumstances.

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The peak credit is applied where the assessee can correlate the ...

Peak Credit Theory Rejected: Assessee Fails to Correlate Bank Deposits and Withdrawals, Application Deemed Inappropriate.

October 22, 2019

Case Laws Income Tax AT

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