Peak credit theory for addition to income is applicable when deposit in bank account is out of cash withdrawals

Brief about the case Assessee was engaged in the business of trading in gold ornaments. A.O. during the assessment proceedings through AIR Information noted that assessee has made cash deposit of Rs.2471500/-in his saving bank account. On questioning by A.O. about source of such cash deposit, assessee denied for having any such account and any such cash deposit. A.O. asked the information from the bank of the assessee. From the details furnished by the banks, A.O. noted that an amount of Rs.4057265/- has been deposited on various dates in two bank accounts which have not been reflected in the ...