report dated 17.7.2003 stated that the plea
of telescoping or the peak theory was put forth by the assessee for the first time
before ... objection of the Assessing Officer that the
plea based on the peak theory was an additional evidence. According to him, there
was no additional evidence
computing the undisclosed income
of the assessee by applying the "peak theory". The computation
of the peak cash ... Iron Steels have been covered by the peak theory, details of which
have been given at pages 620 to 633 of the SOF filed
Page 1 of 12
72,08,996/- on the basis of peak credit theory ?"
Background facts
3. The Respondent/Assessee is a Chartered Accountant
Pioneer Publicity Copn. & Ors. vs Deputy Commissioner Of Income Tax on 29 January, 1999
explanations were inadequate. This kind of acceptance of
"peak credit" theory to bring to tax amounts under Section 68 was approved
by this
Appeals) to
Rs.5 lacs and on the basis of theory of peak investment, the
Tribunal deleted the addition. On appeal
engaged, they are on casual basis i.e. the moment the peak season is over, the emergent need also ceases to exist."
Later ... utilised and that too on a casual basis."
14. The theory set up by the petitioner is reiterated in a subsequent affidavit filed before
assessing officer rejected the contention of the assessed and prepared separate peak of investment and interest account in the case of assessed Suresh Kumar ... also found from assessed's residence. He rejected the theory of the assessed that the amount of cash found was the same which Suresh
Global Energy Ltd. And Anr. vs Central Electricity Regulatory ... on 15 December, 2006
Equivalent citations
Sanjeev Nanda vs The State on 12 May, 2009
Author: Kailash Gambhir
Bench: Kailash Gambhir
