https://www.taxtmi.com/caselaws?id=384379 The court quashed the Assessing Officer's order for failure to comply with the ITAT's directions on determining peak credit in the bank account, deeming it perverse and illegal. The case was remanded for reassessment in line with ITAT's instructions, with a directive that any tax addition should not surpass the peak credit. The Assessing Officer was instructed to act promptly within four weeks of receiving the judgment's copy, leading to the disposal of the writ petition. en-us Thu, 25 Jul 2019 00:00:00 +0530 Mon, 12 Aug 2019 07:56:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384379 The court quashed the Assessing Officer's order for failure to comply with the ITAT's directions on determining peak credit in the bank account, deeming it perverse and illegal. The case was remanded for reassessment in line with ITAT's instructions, with a directive that any tax addition should not surpass the peak credit. The Assessing Officer was instructed to act promptly within four weeks of receiving the judgment's copy, leading to the disposal of the writ petition. Case-Laws Income Tax Thu, 25 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384379