https://www.taxtmi.com/caselaws?id=760970 ITAT Chennai upheld the validity of reopening assessment under section 148, rejecting the assessee's limitation plea since the notice was issued on 31.03.2017, the last permissible date. The tribunal found no fault with PCIT's approval for 172 similar cases involving non-filers who made cash deposits. Regarding cash deposit additions, ITAT applied peak credit principle, accepting that only the highest balance during the year constituted undisclosed income. The tribunal directed deletion of excess additions, granting relief of Rs. 24,09,513 while sustaining Rs. 2,64,727 as undisclosed income. The assessee's appeal was partly allowed. en-us Wed, 23 Oct 2024 00:00:00 +0530 Wed, 30 Oct 2024 08:32:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760970 ITAT Chennai upheld the validity of reopening assessment under section 148, rejecting the assessee's limitation plea since the notice was issued on 31.03.2017, the last permissible date. The tribunal found no fault with PCIT's approval for 172 similar cases involving non-filers who made cash deposits. Regarding cash deposit additions, ITAT applied peak credit principle, accepting that only the highest balance during the year constituted undisclosed income. The tribunal directed deletion of excess additions, granting relief of Rs. 24,09,513 while sustaining Rs. 2,64,727 as undisclosed income. The assessee's appeal was partly allowed. Case-Laws Income Tax Wed, 23 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760970