https://www.taxtmi.com/highlights?id=84939 The ITAT held that the reopening of assessment u/s 147 based on cash deposits during the year was invalid. The assessee demonstrated the source of cash deposits by proving withdrawal of Rs. 20 lakhs earlier, which was used for subsequent deposits from 28.10.2010 to 15.03.2011. Consequently, the ITAT allowed the assessee's grounds and deleted the addition made u/s 69A using the peak credit method. en-us Fri, 17 Jan 2025 08:45:41 +0530 Fri, 17 Jan 2025 08:45:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=84939 The ITAT held that the reopening of assessment u/s 147 based on cash deposits during the year was invalid. The assessee demonstrated the source of cash deposits by proving withdrawal of Rs. 20 lakhs earlier, which was used for subsequent deposits from 28.10.2010 to 15.03.2011. Consequently, the ITAT allowed the assessee's grounds and deleted the addition made u/s 69A using the peak credit method. Highlights Income Tax Fri, 17 Jan 2025 08:45:41 +0530 https://www.taxtmi.com/highlights?id=84939