https://www.taxtmi.com/caselaws?id=234003 The Tribunal partially allowed the appeal, directing the Assessing Officer to verify the current year's bank statement balance and determine the taxable income from the account, ensuring it is lower than the peak credit taxed in the previous year. The decision highlights the significance of accounting for previously taxed amounts and peak credits in assessing the taxable income from undisclosed bank deposits under section 69 of the Income Tax Act. en-us Mon, 13 May 2013 00:00:00 +0530 Fri, 24 May 2013 08:46:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234003 The Tribunal partially allowed the appeal, directing the Assessing Officer to verify the current year's bank statement balance and determine the taxable income from the account, ensuring it is lower than the peak credit taxed in the previous year. The decision highlights the significance of accounting for previously taxed amounts and peak credits in assessing the taxable income from undisclosed bank deposits under section 69 of the Income Tax Act. Case-Laws Income Tax Mon, 13 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234003