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

Pandurang W. Salgaonkar, Mumbai vs. ITO 25(2)(2), Mumbai

In the result, appeal of the assessee is allowed for statistical

ITA 1267/MUM/2014[2009-10]Status: DisposedITAT Mumbai15 Jun 2016AY 2009-10

Bench: Sri Mahavir Singh, Jm & Sri Ramit Kochar, Am Shri Pandurang W. Vs. The Income Tax Officer, Salgaonkar, C-203, Rajesh Ward - 25 (2) (2), Mumbai Nagar, Near J. B. Khot School, Borivali (W), Mumbai 400 098 Pan: Aabps 8483 N Appellant .. Respondent

Section 143(3)

…re proved ingenuine then it is an accepted practice of adopting the peak credit theory for the purpose of determination of undisclosed income of the assessee. Hence, reliance placed by the ld. DR in the decision of the Hon'ble Allahabad High Court reported in 276 ITR 38 which rejected the concept of peak credit theory is not applicable to the facts of the instant case. In the case before the Hon'ble Allahabad High Court, the assessee claimed that the credits in the bank account represented genuine loans borrowed and the character of the loan transactions were not disputed and hence their lordships of Allahabad Hi…

Prasun Mukherjee, Kolkata vs. ACIT, Cir-38, Kolkata

In the result, appeal of assessee is allowed for statistical purposes

ITA 1021/KOL/2014[2010-2011]Status: DisposedITAT Kolkata19 Feb 2016AY 2010-2011

Bench: Shri Mahavir Singh, Jm & Shri M. Balaganesh, Am]

For Appellant: Shri Akkal Dudhelwala, FCAFor Respondent: Shri A. P. Roy, JCIT
Section 144Section 56(1)Section 69

…re proved ingenuine then it is an accepted practice of adopting the peak credit theory for the purpose of determination of undisclosed income of the assessee. Hence, reliance placed by the ld. DR in the decision of the Hon’ble Allahabad High Court reported in 276 ITR 38 which rejected the concept of peak credit theory is not applicable to the facts of the instant case. In the case before the Hon’ble Allahabad High Court, the assessee claimed that the credits in the bank account represented genuine loans borrowed and the character of the loan transactions were not disputed and hence their lordships of Allahabad Hi…

D.C.I.T CC - Xiii, Kolkata. vs. Sri Ram Chandra Daga, Kolkata

In the result, Revenue’ appeal is dismissed

ITA 274/KOL/2013[2010-11]Status: DisposedITAT Kolkata20 Jan 2016AY 2010-11

Bench: Shri N.V. Vasudevan & Shri Waseem Ahmedassessment Year :2010-11

Section 132(4)Section 143(3)

…re proved ingenuine then it is an accepted practice of adopting the peak credit theory for the purpose of determination of undisclosed income of the assessee. Hence, reliance placed by the ld. DR in the decision of the Hon'ble Allahabad High Court reported in 276 ITR 38 which rejected the concept of peak credit theory is not applicable to the facts of the instant case. Co before the Hon'ble Allahabad High Court, the assessee claimed that the credits in the bank account represented genuine loans borrowed and the character of the loan transactions were not disputed and hence their lordships of Allahabad High Court…