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Assessee has raised the ground that Ld. CIT(A) has erred in upholding the order of AO of addition of Rs. 58,52,055/- by aggregating all credit entries instead of directing for peak theory principle as in the present facts and circumstances there are almost simultaneous cash deposits and cash withdrawals specially under the circumstances when AO has come to a conclusion that explanation offered by assessee lacks credibility and not genuine and inspite of the assessee insisting for peak credit application before AO as well as before CIT(A).

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Sec. 147 of Income Tax Act, 1961— Reassessment — In the assessment order passed for A.Y. 2012-13 u/s 147 r.w. 143(3), the income declared by the assessee has been accepted and no addition on account of undisclosed source u/s 69A has been made, thus, following the principle of consistency, the addition of the entire cash deposits in the assessee’s Bank account is uncalled for and only the peak cash deposits be considered as income of the Assessee. - EJAZ AKHTAR V/s ITO - [2020] 28 ITCD Online 018 (ITAT-DELHI)