https://www.taxtmi.com/caselaws?id=303882 The ITAT allowed the Assessee's appeal, directing the Assessing Officer to tax only the peak credit amount of Rs. 19,93,800/- deposited in bank accounts, remanding the issue for reevaluation based on receipts and payments statements. The Assessee's explanation for the deposits was accepted, with the ITAT finding no evidence of unexplained investments or business activities. The decision favored the Assessee for statistical purposes, providing an opportunity to clarify the source of the deposits for tax assessment. en-us Wed, 03 May 2017 00:00:00 +0530 Tue, 23 Aug 2022 08:19:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303882 The ITAT allowed the Assessee's appeal, directing the Assessing Officer to tax only the peak credit amount of Rs. 19,93,800/- deposited in bank accounts, remanding the issue for reevaluation based on receipts and payments statements. The Assessee's explanation for the deposits was accepted, with the ITAT finding no evidence of unexplained investments or business activities. The decision favored the Assessee for statistical purposes, providing an opportunity to clarify the source of the deposits for tax assessment. Case-Laws Income Tax Wed, 03 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303882