Held, that in the absence of any material placed before the Assessing Officer explaining the source of cash deposits in savings bank account, the Assessing Officer was justified in treating the cash deposited in savings bank account had reassessment was affirmed. On merit the Assessing Officer was directed to work out peak credit and restrict the addition to extent of peak credits. (AY. 2011-12).
Navdeep Sood v ITO (2022)98 ITR 1 (SMC) (Amritsar) (Trib)
S. 68 : Cash credits-Cash deposit in bank account-Telescoping-Peak credit-Failure to give explanation-Reassessment was affirmed-On merit the Assessing Officer was directed to work out peak credit and restrict the addition to extent of peak credits. [S. 147, 148]