Peak credit and cash deposit additions restored for fresh adjudication after affidavit and bank statement evidence required further scrutiny.

Peak credit and cash deposit additions in a joint bank account were restored for fresh adjudication because the assessee's explanation, supported by a father's affidavit and bank statements, had not been properly examined. The record indicated that some deposits may have related to the father's transactions and that contra entries, opening balance, and inter-bank transfers required closer scrutiny. As the existing findings did not adequately address these materials, the matter was remitted for de novo consideration in accordance with law.

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Issues: Whether the addition made on account of peak credit and cash deposits in the bank accounts required to be restored for fresh adjudication in light of the assessee's explanation and supporting affidavit.

Analysis: The assessee's case was that the cash deposits in the joint bank account also represented transactions of his father and that contra entries, opening balance, and inter-bank transfers had not been properly appreciated. The affidavit of the father and the bank statements indicated that the source of deposits and the business payments made from the joint account required further scrutiny. The existing findings did not adequately address these materials, and the matter called for reconsideration on a de novo basis.

Conclusion: The issue was restored to the Assessing Officer for fresh adjudication in accordance with law.

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