ITAT directs AO to Tax only Peak Credit in respect of undisclosed Bank account

Gulshan Grover Vs ITO (ITAT Delhi) In a notable decision, the Income Tax Appellate Tribunal (ITAT) Delhi directed the verification of peak credits in an undisclosed bank account in the case of Gulshan Grover vs Income Tax Officer (ITO). The case, concerning the assessment year 2010-11, revolves around the addition of unexplained cash deposits amounting to ₹84,82,075 in an ICICI Bank account. The ITAT’s ruling mandates a detailed examination of the peak credit workings, highlighting the necessity of accurate income computation and proper tax compliance. Background of the Case The appeal...