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2014 (1) TMI 71 - AT - Income TaxDeletion of additions made u/s 68 of the Act - Identity of the Creditors and the genuineness of the transactions could not be proved – Evidences to prove the source of lenders could not be established – Held that:- The assessee has not maintained any books of account and whatever credit entries are found by the Assessing Officer, it was from the bank accounts of the assessee in which deposits were made at different point of time - Even the passbook issued by the bank cannot be termed to be the book of the assessee – Relying upon Commissioner of Income-Tax, Poona Versus Bhaichand H. Gandhi [1982 (2) TMI 28 - BOMBAY High Court] – Thus, the provisions of section 68 of the Act cannot be invoked on various deposits/credits found recorded in the bank account of the assessee in the absence of books of the assessee maintained for that previous year - Provisions of section 68 of the Act cannot be invoked on the deposits made in the bank account of the assessee, the veracity of the additions made by the Assessing Officer on certain deposits by invoking the provisions of section 68 of the Act - the CIT(A) stated that the assessee has furnished reasonable and plausible explanations along with confirmation with regard to the different deposits – Decided against Revenue.
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