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Income Tax - Highlights / Catch Notes

Home Highlights July 2016 Year 2016 This

Assessee unable to substantiate the money deposited in his bank ...

Income Tax

July 5, 2016

Assessee unable to substantiate the money deposited in his bank accounts - Addition u/s 68 confirmed - The benefit of "peak credit principle" not extended Note:- On further, appeal the said addition was affirmed by Gujarat High Court in its order dated June 28, 2016

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  1. Assessee unable to substantiate the money deposited in his bank accounts - Addition u/s 68 confirmed - The benefit of "peak credit principle" not extended.

  2. Addition u/s 68 - assessee has requested either estimate the commission income on such accommodation transactions or tax peak of the cash deposits - AT

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  6. Addition of peak credit amount – Unexplained credits – Addition u/s 68 and 69 - only the peak credit can be taken as income out of the deposits made during the year to...

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