Bhaiyalal Shyam Behari v. CIT

276 ITR 38High Court2005#1791 most cited

What is Bhaiyalal Shyam Behari v. CIT authority for?

The peak credit theory applies only to credits and withdrawals that are held to be non-genuine. If the assessee claims all deposits are genuine, the benefit of the peak credit theory may not be available.

63

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2016 to 2025.

Also referred to as

Bhaiyalal Shyam Behari v CIT · 276 ITR 38 · peak credit theory · non-genuine credits · unexplained cash credits · section 68 · section 69 · genuineness of deposits · unexplained withdrawals · Allahabad High Court · application of peak credit · cash credit assessment

Also reported as

202 CTR 515

Sections most often in play

Section 69Section 153ASection 132Section 143(2)Section 68Section 142(1)Section 139(1)Section 69C

Issues it is cited on

peak credit theorysection 256(2)section 106section 256section 113income tax settlement commissionsection 127section 132(4a)loose paperscreditworthiness of the creditorprincipal commissioner of income-taxsection 132(1)

Judgments citing Bhaiyalal Shyam Behari v. CIT

Deputy Commissioner of Income Tax, Central Circle 1 Noida, Noida vs. Sanjay Singh, Noida

In the result, both appeals filed by the Revenue are dismissed and C

ITA 2276/DEL/2023[2016-17]Status: DisposedITAT Delhi28 Nov 2024AY 2016-17

Bench: Shri Yogesh Kumar Us & Shri Avdhesh Kumar Mishra

Section 132(4)Section 269SSection 69A

…ssee has been able to establish the link between the unaccounted money paid and unaccounted money received, the benefit of automatic telescoping is impermissible as also held in cases of Anantharam Veerasinghaiah & Co. 1323 ITR 457 (SC), Bhaiyalal Shyambihari 276 ITR 38(Alld) Vijay Agri Industries 294 ITR 610(Alld), Madathi Jamuddin 44 Taxmann.com 241(Ker) JRD Stockbrokers Pvt. Ltd 409 ITR 306(Del). DK Garg 250 Taxman 104 (Del). MH Raney 34 Taxmann.com 5(Mumbai) etc. ITA No. 2276/Del/2023 and Ors. 6. On facts and circumstances of the case and in law, the Ld. CIT (A) failed to allude to the relevant facts and pro…

DCIT Central Circle-I, Greater Noida vs. Sanjay Singh, Noida

In the result, both appeals filed by the Revenue are dismissed and C

ITA 6942/DEL/2019[2016-17]Status: DisposedITAT Delhi28 Nov 2024AY 2016-17

Bench: Shri Yogesh Kumar Us & Shri Avdhesh Kumar Mishra

Section 132(4)Section 269SSection 69A

…ssee has been able to establish the link between the unaccounted money paid and unaccounted money received, the benefit of automatic telescoping is impermissible as also held in cases of Anantharam Veerasinghaiah & Co. 1323 ITR 457 (SC), Bhaiyalal Shyambihari 276 ITR 38(Alld) Vijay Agri Industries 294 ITR 610(Alld), Madathi Jamuddin 44 Taxmann.com 241(Ker) JRD Stockbrokers Pvt. Ltd 409 ITR 306(Del). DK Garg 250 Taxman 104 (Del). MH Raney 34 Taxmann.com 5(Mumbai) etc. ITA No. 2276/Del/2023 and Ors. 6. On facts and circumstances of the case and in law, the Ld. CIT (A) failed to allude to the relevant facts and pro…

ACIT, Central Circle-2, Jaipur vs. Chandra Mohan Badaya, Jaipur

In the result the four appeals filed by the assessee stands

ITA 464/JPR/2024[2017-18]Status: DisposedITAT Jaipur27 Nov 2024AY 2017-18

Bench: Him In The Case Of The Assessee For All These Four Assessment Year.

For Appellant: Shri S. L. GuptaFor Respondent: Shri Ajay Malik (CIT-DR)
Section 143Section 69

…e peak credit theory is used for fraudulent and fictitious entries rather than actual ones. Where the assessee claims that all the deposits are infact loans, the benefit of peak will not be available (ratio of judgement in Bhaiyalal Shyam Behari v. CIT [2005] 276 ITR 38 (All.)]). In the present appeal, the appellant received cash loans and advances from third parties and further gave cash loans and advances to different parties. Exact details are mentioned on the documents seized. In the present case, the transactions as claimed are loan received and loan given and thus the peak theory is not applicable on such…

ACIT, Central Circle-2, Jaipur vs. Chandra Mohan Badaya, Jaipur

In the result the four appeals filed by the assessee stands

ITA 463/JPR/2024[2016-17]Status: DisposedITAT Jaipur27 Nov 2024AY 2016-17

Bench: Him In The Case Of The Assessee For All These Four Assessment Year.

For Appellant: Shri S. L. GuptaFor Respondent: Shri Ajay Malik (CIT-DR)
Section 143Section 69

…e peak credit theory is used for fraudulent and fictitious entries rather than actual ones. Where the assessee claims that all the deposits are infact loans, the benefit of peak will not be available (ratio of judgement in Bhaiyalal Shyam Behari v. CIT [2005] 276 ITR 38 (All.)]). In the present appeal, the appellant received cash loans and advances from third parties and further gave cash loans and advances to different parties. Exact details are mentioned on the documents seized. In the present case, the transactions as claimed are loan received and loan given and thus the peak theory is not applicable on such…

ACIT, Central Circle-2, Jaipur vs. Chandra Mohan Badaya, Jaipur

In the result the four appeals filed by the assessee stands

ITA 462/JPR/2024[2015-16]Status: DisposedITAT Jaipur27 Nov 2024AY 2015-16

Bench: Him In The Case Of The Assessee For All These Four Assessment Year.

For Appellant: Shri S. L. GuptaFor Respondent: Shri Ajay Malik (CIT-DR)
Section 143Section 69

…e peak credit theory is used for fraudulent and fictitious entries rather than actual ones. Where the assessee claims that all the deposits are infact loans, the benefit of peak will not be available (ratio of judgement in Bhaiyalal Shyam Behari v. CIT [2005] 276 ITR 38 (All.)]). In the present appeal, the appellant received cash loans and advances from third parties and further gave cash loans and advances to different parties. Exact details are mentioned on the documents seized. In the present case, the transactions as claimed are loan received and loan given and thus the peak theory is not applicable on such…

ACIT, CC-2, Jaipur, Income Tax Department vs. Chandra Mohan Badaya, Jaipur

In the result the four appeals filed by the assessee stands

ITA 427/JPR/2024[2014-15]Status: DisposedITAT Jaipur27 Nov 2024AY 2014-15

Bench: Him In The Case Of The Assessee For All These Four Assessment Year.

For Appellant: Shri S. L. GuptaFor Respondent: Shri Ajay Malik (CIT-DR)
Section 143Section 69

…e peak credit theory is used for fraudulent and fictitious entries rather than actual ones. Where the assessee claims that all the deposits are infact loans, the benefit of peak will not be available (ratio of judgement in Bhaiyalal Shyam Behari v. CIT [2005] 276 ITR 38 (All.)]). In the present appeal, the appellant received cash loans and advances from third parties and further gave cash loans and advances to different parties. Exact details are mentioned on the documents seized. In the present case, the transactions as claimed are loan received and loan given and thus the peak theory is not applicable on such…

Chandra Mohan Badaya, Jaipur vs. DCIT, Central Circle-2, Jaipur

In the result the four appeals filed by the assessee stands

ITA 423/JPR/2024[2017-18]Status: DisposedITAT Jaipur27 Nov 2024AY 2017-18

Bench: Him In The Case Of The Assessee For All These Four Assessment Year.

For Appellant: Shri S. L. GuptaFor Respondent: Shri Ajay Malik (CIT-DR)
Section 143Section 69

…e peak credit theory is used for fraudulent and fictitious entries rather than actual ones. Where the assessee claims that all the deposits are infact loans, the benefit of peak will not be available (ratio of judgement in Bhaiyalal Shyam Behari v. CIT [2005] 276 ITR 38 (All.)]). In the present appeal, the appellant received cash loans and advances from third parties and further gave cash loans and advances to different parties. Exact details are mentioned on the documents seized. In the present case, the transactions as claimed are loan received and loan given and thus the peak theory is not applicable on such…

Shri Muthusamy Kannammal, Namakkal vs. ITO, Ward-2, Namakkal

In the result, appeal filed by the assessee is partly allowed

ITA 1294/CHNY/2024[2010-11]Status: DisposedITAT Chennai23 Oct 2024AY 2010-11

Bench: Shri Aby T. Varkey & Shri Manoj Kumar Aggarwal

Section 144Section 147Section 148Section 69

…d withdrawn as her own money, the highest bank balance in the bank during the relevant year under consideration is deemed to be undisclosed money of the assessee. The Hon’ble Allahabad High Court in the case of Bhaiyalal Shyam Behari v. CIT reported in [2005] 276 ITR 38 (All.), observed that the assessee was entitled to take up the plea of the addition of the peak credit which only need to be treated as the income of the assessee. In order to make a plea of peak credit, the assessee has to lay down the factual foundation that all cash credit entries in the books of accounts belongs to the assessee i.e. it is t…

J C Home Tex, Jaipur vs. Assistant Commissioner of Income Tax Circle - 7, Jaipur

ITA 292/JPR/2024[2016-17]Status: DisposedITAT Jaipur10 Jul 2024AY 2016-17
For Appellant: Sh. Tarun Mittal, CA &For Respondent: Sh. Anoop Singh (Addl. CIT)
Section 133ASection 142(1)Section 143(1)Section 143(2)Section 143(3)Section 145(3)

…y the appellant and onus in this regard is on the appellant. The same has been held so in the below mentioned two judgements of Hon'ble Allahabad High Court and Hon'ble Calcutta High Court as under:- Bhaiyalal Shyam Behari v. Commissioner of Income-tax [2005] 276 ITR 38 (Allahabad)/[2006] 202 CTR 515 (Allahabad) [19-01-2005] "For adjudicating upon the plea of peak credit the factual foundation has to be laid by the assessee. Piyush Poddar v. Commissioner of Income-tax, XVII [2017] 88 taxmann.com 599 (Calcutta)/[2017] 393 ITR 381 (Calcutta)[14-01-2015] "8. We have considered the rival submissions advanced by the l…

ACIT, Central Circle - 2, Trichy vs. Shri . T. Subramaniyan, Arathangai

In the result, both the appeals filed by the Revenue are allowed for statistical purposes

ITA 1119/CHNY/2022[2012-2013]Status: DisposedITAT Chennai27 Sept 2023AY 2012-2013

Bench: Shri V. Durga Rao & Shri Manoj Kumar Aggarwalआयकर अपील सं./I.T.A. Nos.1119 & 1117/Chny/2022 िनधा"रण वष"/Assessment Years: 2012-13 & 2013-14 The Assistant Commissioner Of Vs. Shri T. Subramaniyan, Income Tax, Central Circle 2, Ward 27-36, Veerakaliyamman Koil No. 44, Williams Road, Contonment, Street, Aranthangi 614 616. Trichy 620 001. [Pan:Bgwps0913F] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri D. Hema Bhupal, Jcit ""थ" की ओर से/Respondent By : Shri S. Sridhar, Advocate सुनवाई की तारीख/ Date Of Hearing : 14.09.2023 घोषणा की तारीख /Date Of Pronouncement : 27.09.2023 आदेश /O R D E R Per V. Durga Rao: Both The Appeals Filed By The Revenue Are Directed Against The Common Order Of The Ld. Commissioner Of Income Tax (Appeals) 19, Chennai, Dated 02.11.2022 Relevant To The Assessment Years 2012-13 & 2013-14. 2. The Brief Facts Of The Case Are That The Assessee Is An Individual, Belonging To A Group Of Persons, Hailing From The Same Place, Who Are All Mainly Engaged In The Business Of Money Lending In A Large Scale On Cash Basis. The Assessee Has Filed His Return Of Income For The Assessment

For Appellant: Shri D. Hema Bhupal, JCITFor Respondent: Shri S. Sridhar, Advocate
Section 133ASection 142(1)Section 147Section 148Section 69A

…ment year 2013-14, the ld. CIT(A) deleted the addition of ₹.6,53,51,950/-. 6. Aggrieved, the Revenue is in appeal before the Tribunal for both the assessment years under consideration. By relying upon the decision in the case of Bhaiyalal Shyam Bihari v. CIT 276 ITR 38 (All), the ld. DR has submitted that the benefit of peak credit can be given only when the assessee owns up all the cash credits in the books of accounts. He further submitted that in order to apply ‘peak credit theory’, the assessee should explain with necessary evidences that there was a periodical 5 I.T.A. Nos.1119 & 1117/Chny/22 withdrawal a…

ACIT, Central Circle - 2, Trichy vs. Shri . T. Subramaniyan, Arathangai

In the result, both the appeals filed by the Revenue are allowed for statistical purposes

ITA 1117/CHNY/2022[2013-2014]Status: DisposedITAT Chennai27 Sept 2023AY 2013-2014

Bench: Shri V. Durga Rao & Shri Manoj Kumar Aggarwalआयकर अपील सं./I.T.A. Nos.1119 & 1117/Chny/2022 िनधा"रण वष"/Assessment Years: 2012-13 & 2013-14 The Assistant Commissioner Of Vs. Shri T. Subramaniyan, Income Tax, Central Circle 2, Ward 27-36, Veerakaliyamman Koil No. 44, Williams Road, Contonment, Street, Aranthangi 614 616. Trichy 620 001. [Pan:Bgwps0913F] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri D. Hema Bhupal, Jcit ""थ" की ओर से/Respondent By : Shri S. Sridhar, Advocate सुनवाई की तारीख/ Date Of Hearing : 14.09.2023 घोषणा की तारीख /Date Of Pronouncement : 27.09.2023 आदेश /O R D E R Per V. Durga Rao: Both The Appeals Filed By The Revenue Are Directed Against The Common Order Of The Ld. Commissioner Of Income Tax (Appeals) 19, Chennai, Dated 02.11.2022 Relevant To The Assessment Years 2012-13 & 2013-14. 2. The Brief Facts Of The Case Are That The Assessee Is An Individual, Belonging To A Group Of Persons, Hailing From The Same Place, Who Are All Mainly Engaged In The Business Of Money Lending In A Large Scale On Cash Basis. The Assessee Has Filed His Return Of Income For The Assessment

For Appellant: Shri D. Hema Bhupal, JCITFor Respondent: Shri S. Sridhar, Advocate
Section 133ASection 142(1)Section 147Section 148Section 69A

…ment year 2013-14, the ld. CIT(A) deleted the addition of ₹.6,53,51,950/-. 6. Aggrieved, the Revenue is in appeal before the Tribunal for both the assessment years under consideration. By relying upon the decision in the case of Bhaiyalal Shyam Bihari v. CIT 276 ITR 38 (All), the ld. DR has submitted that the benefit of peak credit can be given only when the assessee owns up all the cash credits in the books of accounts. He further submitted that in order to apply ‘peak credit theory’, the assessee should explain with necessary evidences that there was a periodical 5 I.T.A. Nos.1119 & 1117/Chny/22 withdrawal a…

DCIT Central Circle-07, Delhi vs. Anoop Soni, Delhi

In the result, the appeals of the assessee are partly allowed and the appeals of the Revenue are dismissed

ITA 157/DEL/2022[2017-18]Status: DisposedITAT Delhi02 Aug 2023AY 2017-18

Bench: Sh. Saktijit Deydr. B. R. R. Kumar

For Appellant: Sh. Hiren Mehta, CA &For Respondent: Sh. P. Praveen Sidharth, CIT DR
Section 153ASection 69

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘A’, NEW DELHI Before Sh. Saktijit Dey, Vice President Dr. B. R. R. Kumar, Accountant Member ITA No. 1641/Del/2021 : Asstt. Year: 2015-16 ITA No. 1642/Del/2021 : Asstt. Year: 2016-17 ITA No. 1643/Del/2021 : Asstt. Year: 2017-18 Anoop Kumar Soni, Vs DCIT, 1240, First Floor, Kacha Bagh, Kucha Central Circle-07, Majajani, Chandni Chowk, New Delhi-110055 New Delhi-110006 (APPELLANT) (RESPONDENT) PAN No. BMGPS6592C ITA No. 156/Del/2022 : Asstt. Year: 2016-17 ITA No. 157/Del/2022 : Asstt. Year: 2017-18 DCIT, Vs Anoop Kumar Soni, Central Circle-07, 1240, First Floor, Kach…

DCIT, Central Circle-07, Delhi vs. Anoop Soni, Delhi

In the result, the appeals of the assessee are partly allowed and the appeals of the Revenue are dismissed

ITA 156/DEL/2022[2016-17]Status: DisposedITAT Delhi02 Aug 2023AY 2016-17

Bench: Sh. Saktijit Deydr. B. R. R. Kumar

For Appellant: Sh. Hiren Mehta, CA &For Respondent: Sh. P. Praveen Sidharth, CIT DR
Section 153ASection 69

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘A’, NEW DELHI Before Sh. Saktijit Dey, Vice President Dr. B. R. R. Kumar, Accountant Member ITA No. 1641/Del/2021 : Asstt. Year: 2015-16 ITA No. 1642/Del/2021 : Asstt. Year: 2016-17 ITA No. 1643/Del/2021 : Asstt. Year: 2017-18 Anoop Kumar Soni, Vs DCIT, 1240, First Floor, Kacha Bagh, Kucha Central Circle-07, Majajani, Chandni Chowk, New Delhi-110055 New Delhi-110006 (APPELLANT) (RESPONDENT) PAN No. BMGPS6592C ITA No. 156/Del/2022 : Asstt. Year: 2016-17 ITA No. 157/Del/2022 : Asstt. Year: 2017-18 DCIT, Vs Anoop Kumar Soni, Central Circle-07, 1240, First Floor, Kach…

Anoop Kumar Soni, Delhi vs. DCIT, CC-7, New Delhi

In the result, the appeals of the assessee are partly allowed and the appeals of the Revenue are dismissed

ITA 1643/DEL/2021[2017-18]Status: DisposedITAT Delhi02 Aug 2023AY 2017-18

Bench: Sh. Saktijit Deydr. B. R. R. Kumar

For Appellant: Sh. Hiren Mehta, CA &For Respondent: Sh. P. Praveen Sidharth, CIT DR
Section 153ASection 69

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘A’, NEW DELHI Before Sh. Saktijit Dey, Vice President Dr. B. R. R. Kumar, Accountant Member ITA No. 1641/Del/2021 : Asstt. Year: 2015-16 ITA No. 1642/Del/2021 : Asstt. Year: 2016-17 ITA No. 1643/Del/2021 : Asstt. Year: 2017-18 Anoop Kumar Soni, Vs DCIT, 1240, First Floor, Kacha Bagh, Kucha Central Circle-07, Majajani, Chandni Chowk, New Delhi-110055 New Delhi-110006 (APPELLANT) (RESPONDENT) PAN No. BMGPS6592C ITA No. 156/Del/2022 : Asstt. Year: 2016-17 ITA No. 157/Del/2022 : Asstt. Year: 2017-18 DCIT, Vs Anoop Kumar Soni, Central Circle-07, 1240, First Floor, Kach…

Anoop Kumar Soni, Delhi vs. DCIT, CC-7, Delhi

In the result, the appeals of the assessee are partly allowed and the appeals of the Revenue are dismissed

ITA 1642/DEL/2021[2016-17]Status: DisposedITAT Delhi02 Aug 2023AY 2016-17

Bench: Sh. Saktijit Deydr. B. R. R. Kumar

For Appellant: Sh. Hiren Mehta, CA &For Respondent: Sh. P. Praveen Sidharth, CIT DR
Section 153ASection 69

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘A’, NEW DELHI Before Sh. Saktijit Dey, Vice President Dr. B. R. R. Kumar, Accountant Member ITA No. 1641/Del/2021 : Asstt. Year: 2015-16 ITA No. 1642/Del/2021 : Asstt. Year: 2016-17 ITA No. 1643/Del/2021 : Asstt. Year: 2017-18 Anoop Kumar Soni, Vs DCIT, 1240, First Floor, Kacha Bagh, Kucha Central Circle-07, Majajani, Chandni Chowk, New Delhi-110055 New Delhi-110006 (APPELLANT) (RESPONDENT) PAN No. BMGPS6592C ITA No. 156/Del/2022 : Asstt. Year: 2016-17 ITA No. 157/Del/2022 : Asstt. Year: 2017-18 DCIT, Vs Anoop Kumar Soni, Central Circle-07, 1240, First Floor, Kach…

Anoop Kumar Soni, Delhi vs. DCIT, CC-7, Delhi

In the result, the appeals of the assessee are partly allowed and the appeals of the Revenue are dismissed

ITA 1641/DEL/2021[2015-16]Status: DisposedITAT Delhi02 Aug 2023AY 2015-16

Bench: Sh. Saktijit Deydr. B. R. R. Kumar

For Appellant: Sh. Hiren Mehta, CA &For Respondent: Sh. P. Praveen Sidharth, CIT DR
Section 153ASection 69

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘A’, NEW DELHI Before Sh. Saktijit Dey, Vice President Dr. B. R. R. Kumar, Accountant Member ITA No. 1641/Del/2021 : Asstt. Year: 2015-16 ITA No. 1642/Del/2021 : Asstt. Year: 2016-17 ITA No. 1643/Del/2021 : Asstt. Year: 2017-18 Anoop Kumar Soni, Vs DCIT, 1240, First Floor, Kacha Bagh, Kucha Central Circle-07, Majajani, Chandni Chowk, New Delhi-110055 New Delhi-110006 (APPELLANT) (RESPONDENT) PAN No. BMGPS6592C ITA No. 156/Del/2022 : Asstt. Year: 2016-17 ITA No. 157/Del/2022 : Asstt. Year: 2017-18 DCIT, Vs Anoop Kumar Soni, Central Circle-07, 1240, First Floor, Kach…

ACIT, Central Circle-2, Trichy vs. Thruvembalam Subramanaian, Aranthangi

In the result, appeals filed by the Revenue in all four cases are

ITA 163/CHNY/2018[2014-15]Status: DisposedITAT Chennai19 May 2023AY 2014-15

Bench: Shri Mahavir Singh, Hon’Ble & Shri Manjunatha.G, Hon’Bleआयकर अपील सं./Ita Nos.157 & 163/Chny/2018 िनधा"रण वष" /Assessment Years: 2011-12 & 2014-15 V. The Asst. Commissioner – Mr.Thiruvambalam- Of Income Tax, Subramanaian, Central Circle-2, Ward-27, 36 No.44, Williams Road, Veeramakaliyamman Kovil Cantonment, Street, Trichy-620 001. Aranthangi-614 616. [Pan: Bgwps 0913 F] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Mr.S.Sridhar, Adv
Section 144Section 269Section 269SSection 69A

…make out a case for ‘peak credit theory’. But, when the assessee claims that all the deposits are genuine, the benefit of ‘peak’ will not be available as held by the Hon’ble Allahabad High Court in the case of Bhaiyalal Shyam Behari v. CIT reported in [2005] 276 ITR 38. Similarly, in case, the assessee is not able to prove a particular withdrawal is available for re-deposit/recycling, the benefit of ‘peak’ will not be available. Therefore, in order to give the benefit of ‘peak credit theory’, it is for the assessee to explain with necessary evidences, the requirement of adopting ‘peak credit theory’ for dete…

ACIT, Central Circle-2, Trichy vs. Anbu Kannan A, Kumbakonam

In the result, appeals filed by the Revenue in all four cases are

ITA 162/CHNY/2018[2014-15]Status: DisposedITAT Chennai19 May 2023AY 2014-15

Bench: Shri Mahavir Singh, Hon’Ble & Shri Manjunatha.G, Hon’Bleआयकर अपील सं./Ita Nos.157 & 163/Chny/2018 िनधा"रण वष" /Assessment Years: 2011-12 & 2014-15 V. The Asst. Commissioner – Mr.Thiruvambalam- Of Income Tax, Subramanaian, Central Circle-2, Ward-27, 36 No.44, Williams Road, Veeramakaliyamman Kovil Cantonment, Street, Trichy-620 001. Aranthangi-614 616. [Pan: Bgwps 0913 F] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Mr.S.Sridhar, Adv
Section 144Section 269Section 269SSection 69A

…make out a case for ‘peak credit theory’. But, when the assessee claims that all the deposits are genuine, the benefit of ‘peak’ will not be available as held by the Hon’ble Allahabad High Court in the case of Bhaiyalal Shyam Behari v. CIT reported in [2005] 276 ITR 38. Similarly, in case, the assessee is not able to prove a particular withdrawal is available for re-deposit/recycling, the benefit of ‘peak’ will not be available. Therefore, in order to give the benefit of ‘peak credit theory’, it is for the assessee to explain with necessary evidences, the requirement of adopting ‘peak credit theory’ for dete…

ACIT, Central Circle-2, Trichy vs. Smt. Maheshwari, Pudukottai

In the result, appeals filed by the Revenue in all four cases are

ITA 161/CHNY/2018[2014-15]Status: DisposedITAT Chennai19 May 2023AY 2014-15

Bench: Shri Mahavir Singh, Hon’Ble & Shri Manjunatha.G, Hon’Bleआयकर अपील सं./Ita Nos.157 & 163/Chny/2018 िनधा"रण वष" /Assessment Years: 2011-12 & 2014-15 V. The Asst. Commissioner – Mr.Thiruvambalam- Of Income Tax, Subramanaian, Central Circle-2, Ward-27, 36 No.44, Williams Road, Veeramakaliyamman Kovil Cantonment, Street, Trichy-620 001. Aranthangi-614 616. [Pan: Bgwps 0913 F] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Mr.S.Sridhar, Adv
Section 144Section 269Section 269SSection 69A

…make out a case for ‘peak credit theory’. But, when the assessee claims that all the deposits are genuine, the benefit of ‘peak’ will not be available as held by the Hon’ble Allahabad High Court in the case of Bhaiyalal Shyam Behari v. CIT reported in [2005] 276 ITR 38. Similarly, in case, the assessee is not able to prove a particular withdrawal is available for re-deposit/recycling, the benefit of ‘peak’ will not be available. Therefore, in order to give the benefit of ‘peak credit theory’, it is for the assessee to explain with necessary evidences, the requirement of adopting ‘peak credit theory’ for dete…

ACIT, Central Circle-2, Trichy vs. Thruvembalam Subramanaian, Aranthangi

In the result, appeals filed by the Revenue in all four cases are

ITA 157/CHNY/2018[2011-12]Status: DisposedITAT Chennai19 May 2023AY 2011-12

Bench: Shri Mahavir Singh, Hon’Ble & Shri Manjunatha.G, Hon’Bleआयकर अपील सं./Ita Nos.157 & 163/Chny/2018 िनधा"रण वष" /Assessment Years: 2011-12 & 2014-15 V. The Asst. Commissioner – Mr.Thiruvambalam- Of Income Tax, Subramanaian, Central Circle-2, Ward-27, 36 No.44, Williams Road, Veeramakaliyamman Kovil Cantonment, Street, Trichy-620 001. Aranthangi-614 616. [Pan: Bgwps 0913 F] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Mr.S.Sridhar, Adv
Section 144Section 269Section 269SSection 69A

…make out a case for ‘peak credit theory’. But, when the assessee claims that all the deposits are genuine, the benefit of ‘peak’ will not be available as held by the Hon’ble Allahabad High Court in the case of Bhaiyalal Shyam Behari v. CIT reported in [2005] 276 ITR 38. Similarly, in case, the assessee is not able to prove a particular withdrawal is available for re-deposit/recycling, the benefit of ‘peak’ will not be available. Therefore, in order to give the benefit of ‘peak credit theory’, it is for the assessee to explain with necessary evidences, the requirement of adopting ‘peak credit theory’ for dete…