https://www.taxtmi.com/caselaws?id=347073 Reassessment was sustained because the assessing authority had relevant AIR material and the recorded reasons showed a prima facie belief that income had escaped assessment; in the absence of a change of opinion, the reopening was within jurisdiction. The addition for unexplained bank deposits was also upheld because the assessee failed to produce confirmations or other corroborative evidence for the stated source of cash. The peak credit method, with telescoping of withdrawals, was treated as a reasonable basis for estimating the unexplained amount, and the addition was maintained. en-us Tue, 08 Aug 2017 00:00:00 +0530 Mon, 28 Aug 2017 11:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347073 Reassessment was sustained because the assessing authority had relevant AIR material and the recorded reasons showed a prima facie belief that income had escaped assessment; in the absence of a change of opinion, the reopening was within jurisdiction. The addition for unexplained bank deposits was also upheld because the assessee failed to produce confirmations or other corroborative evidence for the stated source of cash. The peak credit method, with telescoping of withdrawals, was treated as a reasonable basis for estimating the unexplained amount, and the addition was maintained. Case-Laws Income Tax Tue, 08 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347073