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2014 (7) TMI 47 - PUNJAB & HARYANA HIGH COURTInitiation of proceedings u/s 147/148 of the Act - Addition u/s 68 of the Act – Non-speaking order – Peak credit - cash were deposited in the bank account of the assessee - The assertion of the assessee in this regard was that it was the amount received from his clients. - Held that:- Various amounts in cash were deposited in the bank account of the assessee and the onus was upon the assessee to explain the nature and source of the cash deposits - The assertion of the assessee was that it was the amount received from his clients - the assessee failed to give the list of such persons along with confirmation in respect of the cash credits nor any of the persons were produced for examination, who had advanced the cash to him, before the AO - assessee also failed to bring on record any evidence to prove that it was the amount received from persons who were his clients. The Tribunal had also noticed that inspite of opportunity having been provided to the assessee, there was no justification to allow the further opportunity to produce the persons - Tribunal had rightly held that 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- assessee had not been able to show that there existed any nexus whereby the amount deposited in cash had been withdrawn in cash and thereafter re-deposited to take benefit under peak credit theory – thus, no substantial question of law arises for consideration – Decided against Assessee.
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