lakhs in the Asstt.Year 2002-03 on the basis of peak theory.
Credit of this amount should be given to the assessee towards this ... appellant has worked out her income on the basis of peak theory,
the AO should have not made separate addition on account of the
investment
arguments advanced by the assessee the
Ld.CIT(A) accepted the theory of peak credit and directed the
Assessing Officer to make addition ... appellant cannot be treated as
income. In such situation only the peak credit theory should be
applied and accordingly the peak amount worked out amounting
rotation of cash so as to allow the
benefit of the peak credit theory to the assessee. In this manner, the CIT(A)
enhanced ... search.
The AO cannot ignore some material."
14. Regarding the peak theory, it may be mentioned that the peak theory
was defined
conduct this inquiry, and therefore, ld.First Appellate Authority has
accepted peak theory and confirmed the addition of Rs.2,14,041/-
which is peak ... gone through the
record carefully. As far as applicability of peak theory is concerned, to
our mind, this concept can only be accepted
also find that the Learned CITA had adopted the peak credit theory for putting this
dispute to rest only as an alternative argument ... assessee had accepted for adoption of peak credit theory in the instant case.
The theory of peak credit has been given due credence
being the peak credit as on 29/11/2008 despite the fact that
the peak theory is applicable only in cash deposits ... also reduced to Rs.8,01,050/-
by adopting 'Peak Theory'.
2.5 Aggrieved both the parties are before us.
2.6 Assessee
acceptable."
Finally, the CIT(A) also rejected the peak credit theory of the assessee and confirmed the
addition as made ... same to tax., However, he shifted his stand by accepting the peak
credit theory before the ld. CIT(A). This is evident from the fact
order of the CIT(A) and submitted that concept of peak theory
has been explained by the ld.First Appellate Authority.
7. We have duly ... deposits. The ld.First Appellate Authority while explaining the concept
of peak theory, has observed that this theory is applicable when the
bank deposit
deposit in bank account. The ld. CIT(A)
after applying the peak credit theory on the bank account restricted
this addition ... details he submitted that ld. CIT(A)
has rightly applied the peak theory and has worked out the profit
element.
8. We have duly considered
saying that the facts of the case justify the application of peak theory
and discussed certain case laws in support of application of peak credit ... argued that the CIT(A) had misdirected himself in
applying the peak credit theory in as much as the facts of the case does
