Peak Credit Computation- Both deposits & withdrawal needs to be considered

Shri B.A.Moideen Bava Vs DCIT (ITAT Bangalore) The issue raised by assessee is on merits is regarding peak credits in unaccounted bank accounts of assessee’s. It has been submitted that peak credit has to be computed on the basis of actual deposits and withdrawal and not on the basis of cash deposit alone. Accordingly, we set aside the issue back to Ld. AO for re-computing peak credit, taking into account both deposits as well as withdrawal during relevant period for assessment years under consideration in case of both assessee is before us. FULL TEXT OF THE ITAT JUDGEMENT Present appeals ha...