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Case Law Details

Case Name : CIT Vs D.K. Garg (Delhi High Court)
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CIT Vs D.K. Garg (Delhi High Court)

In Bhaiyalal Shyam Bihari v. CIT (2005) 276 ITR 38 (All), the Allahabad High Court explained that benefit of peak can be given only when the assessee owns up all the cash credits in the books of accounts. It was further held :–

For adjudicating upon the plea of peak credit the factual foundation has to be laid by the assessee. He has to own all cash credit entries in the books of account and only thereafter can the question of peak credit be raised.”

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