Peak credit theory to be adopted for additions in respect of some unexplained credit entries in the bank statement

  Brief Facts of the case: The assessee is a widowed housewife. Her husband Shri Sugan Chand Rangwani was also assessed to income tax with ITO Ward 1(2), Jaipur. He expired in August, 2012 after prolonged suffering from Malignant Brain Tumor and a spell of being bed ridden for couple of years. The assessee filed return of income declaring interest income. In this year a house property was constructed by her at 2-Ga-24, Jawahar Nagar, Jaipur.AO inquired about the cost of construction and sources thereof, in reply assessee filed a registered valuer report showing valuation Rs. 37,80,196/-, whic...