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2014 (11) TMI 1195 - HC - Income TaxAddition u/s 68 - benefit of peak credit automatically granted to the assessee - HELD THAT:- This court in the case of Commissioner of Income Tax Vs. Tyaryamal Balchand [1986 (4) TMI 14 - RAJASTHAN HIGH COURT] after relying on several judgments, also upheld the finding about peak credit theory. This Court in CIT Vs. Ishwardas Mutha [2002 (4) TMI 9 - RAJASTHAN HIGH COURT] also accepted the contention to take into account, the peak credit. When any amount is paid, later withdrawn from the books, would be available for recycling and rotation, unless otherwise established as invested elsewhere by the Revenue. We hold the assessee was entitled to the benefit of peak credit which ought to have been allowed instead of making separate addition of entire amount. However, we may observe that the Assessing Officer has to come to a definite finding that the amount withdrawn was used by the assessee in any other expenditure or investment. If the Assessing Officer comes to a finding that withdrawn amount was used or spent by the assessee for any other investment or expenditure than the benefit of peak of such credit, in such circumstances, may not be available. - Decided in favour of assessee. Addition u/s 69 - all unexplained expenditure has to be added to the income of the assessee for such financial year - HELD THAT:- As assessee does not press the question quoted above and thus this question is decided against the assessee.
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