Addition u/s 68 - unexplained cash credit - The assessee had to ...

Assessee's Use of Peak Credit Principle Rejected for Unexplained Cash Credits u/s 68 Due to Inadequate Source Explanation.

November 23, 2020

Case Laws Income Tax AT

Addition u/s 68 - unexplained cash credit - The assessee had to discharge the primary onus in that regard. The peak credit worked out by the assessee, on the basis that the principle of peak credit applied, notwithstanding the failure to explain each of the sources of the deposits and the corresponding destinations of the payments without squaring them off, was not permissible - AT

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Addition u/s 68 - unexplained cash credit - The assessee had to ...

Assessee's Use of Peak Credit Principle Rejected for Unexplained Cash Credits u/s 68 Due to Inadequate Source Explanation.

November 23, 2020

Case Laws Income Tax AT

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