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ITAT allows addition for cash deposit in bank on Peak Credit Basis
Case Law Details
- Case Name
- Vakeel Ahmad Vs ITO (ITAT Lucknow)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-11
- Courts
- All ITAT, ITAT Lucknow
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Vakeel Ahmad Vs ITO (ITAT Lucknow)
Introduction: This article delves into the case of Vakeel Ahmad versus ITO, as adjudicated by ITAT Lucknow for Assessment Year 2010-11. The core issue revolves around the taxation of bank deposits, withdrawals, and the computation of peak credit. The assessee, engaged in the business of selling cloth as a local hawker, faces scrutiny regarding the source of funds in his bank account.
Detailed Analysis:
The assessee presented a copy of the bank account with Punjab National Bank, revealing an opening balance of Rs.5,737/- on 02.4.2009. Subsequently, deposits an...
