https://www.taxtmi.com/caselaws?id=277322 The ITAT upheld the CIT(A)'s decision to restrict the addition under section 69A of the Income-tax Act to Rs. 2,80,000 for the assessment year 2007-08. The ITAT emphasized the importance of considering both withdrawals and deposits in bank accounts for determining additions, supporting the peak amount analysis conducted by the CIT(A). The Revenue's appeal was dismissed as the ITAT found no fault in the CIT(A)'s calculation and accepted the evidence provided by the assessee regarding the source of deposits. en-us Fri, 04 Jul 2014 00:00:00 +0530 Sat, 01 Dec 2018 12:35:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277322 The ITAT upheld the CIT(A)'s decision to restrict the addition under section 69A of the Income-tax Act to Rs. 2,80,000 for the assessment year 2007-08. The ITAT emphasized the importance of considering both withdrawals and deposits in bank accounts for determining additions, supporting the peak amount analysis conducted by the CIT(A). The Revenue's appeal was dismissed as the ITAT found no fault in the CIT(A)'s calculation and accepted the evidence provided by the assessee regarding the source of deposits. Case-Laws Income Tax Fri, 04 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277322