https://www.taxtmi.com/caselaws?id=764741 The ITAT Delhi ruled in favor of the assessee regarding validity of reopening assessment under section 147 based on cash deposits made during the assessment year. The AO had completed assessment under section 144 due to non-response and made additions under section 69A using peak credit method. The assessee successfully demonstrated that cash deposits were from earlier withdrawals of Rs. 20 lakhs in October, with deposits made between October 2010 and March 2011. The tribunal accepted that the assessee had established the source of cash and allowed the appeal. en-us Fri, 30 Aug 2024 00:00:00 +0530 Fri, 17 Jan 2025 08:45:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764741 The ITAT Delhi ruled in favor of the assessee regarding validity of reopening assessment under section 147 based on cash deposits made during the assessment year. The AO had completed assessment under section 144 due to non-response and made additions under section 69A using peak credit method. The assessee successfully demonstrated that cash deposits were from earlier withdrawals of Rs. 20 lakhs in October, with deposits made between October 2010 and March 2011. The tribunal accepted that the assessee had established the source of cash and allowed the appeal. Case-Laws Income Tax Fri, 30 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764741