Addition u/s 69A on account of unexplained deposits in bank account must be restricted to the peak amount:

AO framed an ex-parte assessment and made huge addition u/s 69A in respect of deposits in the bank account of the assessee. On appeal, the Hon’ble ITAT held that the said addition has to be restricted to the peak amount of the unexplained funds out of the cash deposited and withdrawn by the assessee from her bank account.

[Mrs. Grace Mrudulesh Amin vs. ITO – ITA No.947/Ahd/2010]