Peak credit to be considered in case of circular transaction: ITAT Chennai

ITO Vs V.G. Rajendran (ITAT Chennai) ITAT Chennai held that only peak credit to be considered and no further addition to be made in case of circular transaction since bank account of appellant’s father duly considered for the purpose of calculating peak credit in the hands of assessee. Facts- The only issue in this appeal of Revenue is against the order of CIT(A) deleting the addition made by AO while giving effect to the order of Tribunal u/s.143(3) r.w.s. 147 r.w.s. 254 of the Act dated 26.12.2018, wherein the income assessed u/s.143(3) r.w.s. 147 of the Act dated 02.04.2013 was adopted at...