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2016 (8) TMI 358 - ITAT DELHIUnexplained credit - peak credit theory - Held that:- When the assessee is engaged in parallel business activity, some closing stock may remain in hand and similarly some debtors may also be pending for recovery, thus in such circumstances peak of the bank account will not reflect the true income because on the date of peak credit some withdrawals and some sales are outside the peak credit. In our view, the Ld. Commissioner of Income-tax (Appeals) has rightly rejected the claim of the assessee of adopting peak theory for considering unexplained credit. We do not find any infirmity in the finding of the Ld. Commissioner of Income-tax (Appeals) on the issue in dispute, and accordingly the ground of the appeal is dismissed. - Decided against assessee.
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