wrongly confirmed by the CIT(A) [albeit partially]
by applying peak theory. While the AO has made an addition ... extent
of INR 1,52,40,000/- applying 'Peak Theory' and only granted partial relief to
the extent
correctly and rightly allowed the benefit of
telescoping after applying peak theory on alleged unexplained
investments.
6. That the Worthy CIT(A-5), Ludhiana ... fault in working of peak. The peak for the
year under consideration is zero. The peak investment has
already been brought to tax when
correctly and rightly allowed the benefit of
telescoping after applying peak theory on alleged unexplained
investments.
6. That the Worthy CIT(A-5), Ludhiana ... fault in working of peak. The peak for the
year under consideration is zero. The peak investment has
already been brought to tax when
case the Ld.
CIT(A) has erred in applying the Peak Credit Theory without
considering the fact that the assessee had failed to provide ... Allahabad)
has held as under:-
under:
"14. Regarding the peak theory, it may be
mentioned that the peak theory was defined in the
Income
assessment of
undisclosed income was to be worked out as per peak theory. Without admitting
about these loans as accommodation entries the appellant would like ... equivalent amount would have been received in cash. In such situation
only peak amount could have been added. Therefore if at all addition could have
facts of the case in not accepting the
peak balance theory with respect to alleged unexplained receipts and payments found
during the search proceedings ... rejected the assessee's claim for peak credit by citing that the
peak theory can be applied only if the unaccounted cash transactions form
facts of the case in not accepting the
peak balance theory with respect to alleged unexplained receipts and payments found
during the search proceedings ... rejected the assessee's claim for peak credit by citing that the
peak theory can be applied only if the unaccounted cash transactions form
facts of the case in not accepting the
peak balance theory with respect to alleged unexplained receipts and payments found
during the search proceedings ... rejected the assessee's claim for peak credit by citing that the
peak theory can be applied only if the unaccounted cash transactions form
facts of the case in not accepting the
peak balance theory with respect to alleged unexplained receipts and payments found
during the search proceedings ... rejected the assessee's claim for peak credit by citing that the
peak theory can be applied only if the unaccounted cash transactions form
facts of the case in not accepting the
peak balance theory with respect to alleged unexplained receipts and payments found
during the search proceedings ... rejected the assessee's claim for peak credit by citing that the
peak theory can be applied only if the unaccounted cash transactions form
