ITAT Restricts Tax on Bank Deposits to Peak Credit – Full Cash Not Taxable

Umesh Babu Vs ITO (ITAT Bangalore) Entire Bank Deposits Cannot Be Taxed – Tribunal Limits Addition to Peak Credit- Cash Withdrawals & Re-Deposits – Tribunal Rules Only Peak Credit Taxable- Bang Trib In this case, Assessee was a non-filer, but the department found cash deposits of ₹57.10 lakhs in his savings account with a Co-operative Bank. Based on this information, a notice u/s 148 was issued & the case was reopened u/s 147. In response, Assessee filed return declaring income of ₹7.88 lakhs. AO, however, noticed that total credits were ₹92.32 lakhs including cash deposits o...