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2013 (12) TMI 725 - HC - Income TaxUnaccounted investment and undisclosed income - Held that:- The Tribunal was justified in restoring the matter to the AO with direction to recompute the peak - The AO was wrong in his method of peak by pick and choose method - As per he peak theory defined in the Sampath Iyengar's Law of Income-tax - Where the credits appear not in the same account but in the accounts of different persons. Even then, if the genuineness of all the person is disbelieved and all the credits appearing in the different account are held to be the assessee's own moneys, the assessee will be entitled to set off and a determination of the peak credit after arranging all the credits in the chronological order - Decided against Revenue.
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