ITAT Orders Fresh Hearing on Unexplained Cash Deposits of ₹1.49 Cr & Peak Credit Method

Thimme Gowda Niriksha Gowda Vs ITO (ITAT Bangalore) ITAT Bangalore Restores ₹1.49 Cr Cash Deposit Case for Fresh Hearing -Peak Credit of ₹19.79 Lakh Applied by CIT(A) to be Re-Examined by AO Assessee had not filed return originally. Based on JAO’s information, AO noticed cash deposits of ₹69,40,000 in Indian Bank. Notice u/s 148 was issued, & in response Assessee filed return on 01/06/2023 declaring ₹4,97,500. AO, however, on perusal of bank account, found total cash deposits of ₹1,49,50,000. Since Assessee had shown only ₹19,10,000 as gross income from other sources, the bal...