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2016 (5) TMI 928 - SC ORDERReopening of assessment - Addition u/s 68 - Held that:- HC order confirmed [2014 (7) TMI 47 - PUNJAB & HARYANA HIGH COURT ]. 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- assessee had not been able to show that there existed any nexus whereby the amount deposited in cash had been withdrawn in cash and thereafter re-deposited to take benefit under peak credit theory - Decided against assessee.
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