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Cit vs Nipun Builders & Develpers Pvt. Ltd. on 7 January, 2013

13.4 Further as regards to the issue as to whether the peak credit theory should have been applied to each party individually or cumulatively. We find it pertinent to reproduce findings of Co-ordinate Bench in the case of SR Enterprises V/s ITO(Supra) wherein fact are quite similar so much so that in this case assesse failed to file confirmation before Ld.AO and some of parties stated that cash was not given by them to the assesee. Ld.AO made an addition on each cash credit whereas Tribunal held peak of the ITA Nos.3118 & 3064/Ahd/2013 Assessment Year: 2008-09 16 credit should be applied. In deciding so Co-ordinate Bench observe as follows:
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