V.Ramasubramanian - (1.)Challenging an order of assessment passed pursuant to an order of passed by the Income Tax Appellate Tribunal, the assessee has come up with the above writ petition.
(2.)Heard Mr.K.Pratik Reddy, learned counsel for the petitioner.
(3.)The assessee, who is an individual, filed his return of income for the assessment year 2010-11 on 14.03.2012. During the assessment proceedings under Section 143 (3) of the Income Tax Act, the information furnished by the assessee was verified and it was found that the assessee had a bank account with DCB. There were cash deposits in the account, the sources of which, according to the Assessing Officer, was not explained. Therefore, the Assessing Officer worked out the peak credit at a particular amount and brought it to tax under Section 68 of the Income Tax Act.