COMMISSIONER OF INCOME TAX VS M/S. JRD STOCK BROKERS PVT. LTD.
ITA 544/2005
12-09-2019

S. 68 Cash Credits: In order to avail of the theory of "peak credit", the assessee has to make a clean breast of all facts. He has to explain each of the sources of the deposits and the corresponding destination of the payment without squaring them off. The ITAT cannot proceed merely on the basis of accountancy and overlook the settled legal position.