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2022 (8) TMI 448 - AT - Income TaxAddition on account of peak credit - undisclosed capital in the bank accounts of the assessee - CIT(A) allowed Rs. 6,00,000/- as genuine capital arises from past accumulated savings of assessee and remaining Rs. 10,00,028/- confirmed as undisclosed capital of the assessee - HELD THAT:- As we do not see any reasons to disagree with the ld. CIT(A)’s findings where the ld. CIT(A) regarding addition made by AO of Rs. 16,00,028/- on account of peak credit being undisclosed capital in bank a/c’s of the assessee where the ld. CIT(A) viewed that sum of Rs. 6,00,000/- as genuine capital i.e. out of accumulated past savings and remaining amount of Rs. 10,00,028/- was confirmed as undisclosed capital i.e. total addition of Rs. 16,00,028/- - Rs. 6,00,000/- = Rs. 10,00,028/- as undisclosed capital and it was a reasonable order passed under the provisions of law and accordingly we sustained the order passed by the CIT(A). Appeal of the assessee is dismissed.
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