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2015 (1) TMI 1334 - HC - Income TaxAddition u/s 68 - Held that:- What will be the implication after section 68 is applied to the opening balance of a little over ₹ 12 lakhs in this case vis- a -vis the further transactions is a serious question of fact which has to be considered and for that purpose we are of the opinion that a remand is required. We should not be deemed to have expressed any opinion as to whether the peak credit theory is applicable to the facts and circumstances of the case or is not applicable to the facts and circumstances of the case. That question is left to be decided by the Tribunal on the basis of evidence, which may be adduced before them and they shall allow letting in of necessary evidence, if the assessee so desires. The limited question to be considered is whether the assessee is entitled to any benefit on the basis of peak credit theory. In the result, the order under challenge is set aside and the matter is remanded to the learned Tribunal for re-hearing. The learned Tribunal is requested to hear out the matter within a period of six months from the date of communication of this order.
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