Tax Relief on Peak Credit: ITAT Accepts Source of Funds Proved by Group Entity Confirmations

DCIT Vs Praveen Kumar Jolly (ITAT Delhi) 74 Cr Own Capital Shields Assessee: ITAT Deletes ₹8 Cr Peak Credit & ₹49 Lakh Interest Disallowance – Revenue Appeal Dismissed Assessee was engaged in trading of properties & Govt. securities, director’s remuneration & rental income. Original return was filed u/s 139(1) & Reassessment was initiated u/s 147 on ground of heavy bank transactions in Bank of Rajasthan account. AO made two additions- ₹8.09 Cr u/s 68 (peak credit in bank) & ₹49.54 Lakh (interest disallowance). CIT(A) deleted both additions on merits but did not ...