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2011 (9) TMI 1162 - AT - Income TaxAddition u/s 68 - peak credit addition - Held that:- AO has allowed the peak credit in respect of a particular lender. The peak credit of each lender has been considered for arriving at the peak addition to be made in each year. It is not the case of the assessee that he himself is a lender. In case the assessee has given an admission that the money belonged to him then credits of the lenders should have been merged. The assessee in spite of filing the letter of disclosing the additional income, has not honoured such disclosure. The names of lenders are available in the diaries and the assessee has contended that he is getting 0.10% brokerage. AO was justified in considering the peak in respect of each lender and computing the undisclosed income for three years in view of Section 68 . We therefore, uphold the orders of the AO and the orders of the ld. CIT(A) are vacated.
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