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2022 (7) TMI 1501 - AT - Income TaxAddition u/s.68 - cash deposits n bank account of appellant unexplained - HELD THAT:- It is an admitted fact that the addition u/s 68 made by the AO and sustained by CIT(A) was on the basis of deposit entries in the bank statement of the assessee is in contradiction with the settled position of the law as decided in the case of CIT Vs. Bhaichand N. Gandhi [1982 (2) TMI 28 - BOMBAY HIGH COURT] wherein it is observed that a bank pass book or bank statement cannot be considered to be a ‘book’ maintained by the assessee for section 68 - Thus, we are of the considered view that the addition made by Ld AO u/s 68 of the Act is liable to be deleted. Accordingly, we set aside the order of Ld CIT(A) and direct the AO to delete the addition made in this regard. Decided in favour of assessee.
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