Peak credit theory
WebCREDIT APPROVAL. Investing in the Peak Credit Course is an investment in yourself! The wait is over, take action and find yourself in a better financial position! Web72,08,996/- on the basis of peak credit theory ?” Background facts 3. The Respondent/Assessee is a Chartered Accountant. For the AY in question, he filed his return of income on 10th October, 1996 declaring his taxable income at Rs. 49,880 which comprised his gross professional receipts of Rs. 1,91,050. The Assessing Officer (‘AO’) …
Peak credit theory
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WebAug 16, 2024 · 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. ... Indeed, if the Assessee as a self-confessed accommodation entry provider wanted to … WebJul 25, 2024 · Hubbert Peak Theory: Similar to the predictions of the Hubbert Curve, the Hubbert Peak Theory implies that maximum production from an oil reserve will occur towards the middle of the reserve life ...
WebSep 22, 2024 · It was argued that having once assessed and brought to tax the larger amount of Rs 104 crore, the AO could not have carved out a “peak credit” amount from amongst that turnover, based on aggregate of the amounts in the assessee’s account in a particular year, to give treatment under Section 68 of the Act. WebFeb 21, 2024 · The credit cycle describes recurring phases of easy and tight borrowing and lending in the economy. Credit cycle is one of the major economic cycles identified by …
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WebApr 15, 2024 · It’s not all bad. Sometimes we can use our leanings to make our lives easier and better. The peak – end rule refers to how we reflect on an experience — often a painful one — based on its most extreme point and its endpoint (Müller et al., 2024; Kahneman, 2012). This article explores the peak – end rule — how mental shortcuts shape ...
WebDec 11, 2016 · Peak Credit theory additions apply for unexplained cash deposits or where assessee fails to give satisfactory explanation and amount is sought to be added u/s 68 … michael altman md txWebApr 3, 2024 · Economic Cycle: The economic cycle is the natural fluctuation of the economy between periods of expansion (growth) and contraction (recession). Factors such as gross domestic product (GDP ... michael altman south carolinaWebDec 10, 2016 · The assessee prayed to the Tribunal that AO be directed to assess the income either on the basis of peak credit theory or on presumptive basis under section 44AD. Observations made by the Tribunal: The Tribunal observed that as per the copy of the account of the Syndicate Bank in the books of the assessee, all deposits were of less than … michael altman mdWebPeak Credit Theory One of the key defence of an assessee, where a single or series of credits entered in the books of account, that a credit following debit entry should be … michael altman mashWebMay 31, 2010 · Peak Credit Theory Cash Deposits Additions u/s 68 Judgments During Income tax Assessment proceedings, asking source of cash deposits in the bank … michael altman lawyerWebFeb 7, 2024 · In such a situation, Ld. AR also argued that the peak credit theory should be applied. Similarly the addition should have been made after adjusting the withdrawal made from the bank account. In view of above we are of the opinion that the AO has not applied his mind judiciously and as per the accounting principles. michael altman artWebJan 17, 2012 · This peak theory is ussualy applied in cases when the unexplained credit and debit enteries are standing in the same account of a person. However the peak credit theory may also be extended to the … michael altman obituary