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ITAT didn’t accept ‘Peak credit’ theory as nature of cash deposits and their utilization stood unexplained

April 18, 2013[2013] 34 taxmann.com 5 (Mumbai - Trib.)/[2013] 145 ITD 573 (Mumbai - Trib.)

IT : Where neither nature of cash deposits in bank nor their utilization stands explained by assessee satisfactorily, his plea that only peak amount of such deposits ought to be subject to tax was not maintainable

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