Unexplained Cash Deposits Addition Reduced Because Only Peak Balance Taxable: ITAT Ahmedabad

Kanubhai Ambalal Patel Vs ITO (ITAT Ahmedabad) In Kanubhai Ambalal Patel Vs ITO, the appeal before the Income Tax Appellate Tribunal (ITAT), Ahmedabad arose from an order of the Commissioner of Income Tax (Appeals) [CIT(A)], National Faceless Appeal Centre, dated 22.08.2025 for Assessment Year 2016–17. The assessee challenged both the validity of reassessment proceedings under Sections 147/148 of the Income-tax Act, 1961, and the addition of ₹78,29,905 made under Section 69 on account of unexplained cash deposits. The assessee had originally filed a return declaring income of ₹3,41,140. ...