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2014 (8) TMI 349 - HC - Income TaxApplication of section 68 - Principles of natural justice - Non-speaking order – Held that:- Following the decision in Shri Sudhir Kumar Sharma (HUF) v. The Commissioner of Income Tax-III [2014 (7) TMI 47 - PUNJAB & HARYANA HIGH COURT] - Tribunal had rightly held that 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- assessee had not been able to show that there existed any nexus whereby the amount deposited in cash had been withdrawn in cash and thereafter re-deposited to take benefit under peak credit theory – thus, no substantial question of law arises for consideration – Decided against Assessee.
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