This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
ITAT Delhi Directs AO to Apply Peak Credit Theory for Cash Deposits
Case Law Details
- Case Name
- Shakti Singh Vs NFAC (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Delhi
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Shakti Singh Vs NFAC (ITAT Delhi)
Income Tax Appellate Tribunal (ITAT) Delhi bench has remitted the case of Shakti Singh back to the National Faceless Appeal Centre (NFAC) for a fresh assessment of unexplained cash deposits. The core issue revolves around the addition of Rs. 1,13,31,950 made by the Assessing Officer (AO) on account of cash deposited in the assessee’s bank account during the demonetization period in Assessment Year (AY) 2016-17. The ITAT has directed the AO to apply the peak credit theory and allow for a set-off against the assessee’s agricultural income.
The case o...
