https://www.taxtmi.com/caselaws?id=426701 The Tribunal upheld the reopening of the assessment and the sanction by the Principal Commissioner of Income Tax (PCIT) but directed the Assessing Officer (AO) to work out peak credits for the cash deposits and restrict the addition accordingly, allowing for telescoping. The Tribunal emphasized the importance of the assessee providing adequate evidence to support claims regarding the source of cash deposits. en-us Thu, 30 Jun 2022 00:00:00 +0530 Wed, 24 Aug 2022 08:47:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426701 The Tribunal upheld the reopening of the assessment and the sanction by the Principal Commissioner of Income Tax (PCIT) but directed the Assessing Officer (AO) to work out peak credits for the cash deposits and restrict the addition accordingly, allowing for telescoping. The Tribunal emphasized the importance of the assessee providing adequate evidence to support claims regarding the source of cash deposits. Case-Laws Income Tax Thu, 30 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426701