Cash deposits to show higher income for VISA – ITAT restricts addition to Peak Credit

Navdeep Sood Vs ITO (ITAT Amritsar) It is evident that the addition is sustained on adhoc basis, on the ground that the assessee failed to support his claim regarding deposits and withdrawals were repeated for the purpose of showing higher income for VISA purposes. So far the contention of the assessee that the authorities below failed to appreciate the fact that the assessee was engaged in the business of mobile recharge is concerned even before this Tribunal, no evidence has been filed. It was incumbent upon the assessee to prove with documentary evidence about his business activities. In my...