Additions on basis of peak credit justified as assessee didn't explain sources of deposits in bank account

INCOME TAX : Where assessee accepted that it was providing accommodation entries to various parties and for same it had opened a fictitious bank account in which amounts were deposited and later on transferred to an assessee's concern, merely because these amounts were included in total turnover would not ipso facto shut out an inquiry into credits, thus, addition of peak credit under section 68 was justified

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