https://www.taxtmi.com/caselaws?id=762380 ITAT Indore held that frequent deposits and withdrawals in bank account should be analyzed using peak credit theory rather than treating all deposits as unexplained income. The tribunal found that assessee made regular deposits and withdrawals from the same account, establishing a pattern of genuine transactions. Only the peak shortage of Rs. 1,05,000 on specific date was considered unexplained income. The addition made by AO was restricted to this amount, with remaining additions deleted, providing substantial relief to the assessee. en-us Fri, 11 Oct 2024 00:00:00 +0530 Sat, 30 Nov 2024 08:41:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762380 ITAT Indore held that frequent deposits and withdrawals in bank account should be analyzed using peak credit theory rather than treating all deposits as unexplained income. The tribunal found that assessee made regular deposits and withdrawals from the same account, establishing a pattern of genuine transactions. Only the peak shortage of Rs. 1,05,000 on specific date was considered unexplained income. The addition made by AO was restricted to this amount, with remaining additions deleted, providing substantial relief to the assessee. Case-Laws Income Tax Fri, 11 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762380