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2018 (6) TMI 406 - ITAT BANGALOREUnexplained deposits in the bank account - Peak credit theory - Held that:- The assessee cannot choose peak credit theory to delete a part of the addition and also plead for applying net rate on the remaining portion of the unexplained deposits in the bank account. Doing so will be mutually contradictory - AO has made a reasonable estimate of income of the assessee in respect of unexplained deposits in the bank account by treating them as receipts from undisclosed or unrecorded business transactions. CIT(Appeals) has rightly confirmed the order of AO. We find no grounds to interfere with the order of CIT(Appeals). Accordingly, the appeal by the assessee is dismissed.
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