determining undisclosed income, according to which the assessee has
worked out peak cash theory for determining undisclosed income in
respect of unaccounted cash receipts ... submitted that the Ld.CIT(A) erred in
not accepting the peak theory adopted by the assessee and offered as
income by the partners
circumstances of the case and departmental theory warrant
application of peak theory, telescoping, correction of mistakes and
taking cognizance of journal/contra entries ... circumstances of the case and departmental theory warrant
application of peak theory, telescoping, correction of mistakes
20
ITA Nos. 1788 & 2389/Del/2016
circumstances of the case and departmental
theory warrant application of peak theory, telescoping,
correction of mistakes and taking cognizance of
journal/contra entries ... circumstances of the case and departmental
theory warrant application of peak theory,
telescoping, correction of mistakes and taking
cognizance of journal/contra entries
operative
finance addition of Rs.4,04,38,563/- after rejecting peak theory plea directions
issued for re-computing estimated and hypothetical addition ... various additions of operative finance of Rs.14.10lacs without accepting
peak theory, followed by notional interest income addition
work out the peak to tax the undisclosed income. In view of above
the AO applied peak credit theory and calculated the undisclosed income ... reason and applied the peak credit balance to
determine the income.
5.6 It is a trite law that peak theory is applicable only when
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
account of alleged bogus purchases (on the basis of peak theory), without
considering the facts and circumstances of the case.
v
4. On the fact ... shown GP of 18.34% and 18.43 % respectively.
As far as peak theory is concerned I also do not find mistake
Dargaha Committee on the basis of the
working of the Peak Theory.
It is humbly submitted that this register is totally
maintained for the income ... Dargaha
Committee on the basis of the working of the peak theory.
The register maintained was totally for the income and
expenses of Tode Wale
payments
being recorded in books and circular payments, by claiming
telescoping/peak theory. In this case, the appellant brought unexplained
funds in the guise ... appellant of Rs.22.59 crores,
therefore, no telescoping /peak theory applies to replace the addition,
being whole of the asset i.e. land
Representative after granting partial
relief of ` 5 lakh without appreciating the `Peak Theory'
duly accepted by this Hon'ble High Court ... wherein the peak being ` 8,71,131/- thus the
addition having been based on suspicion without any
adverse evidence against the appellant and conversely
without
