ITAT allows addition for cash deposit in bank on Peak Credit Basis

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

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