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2017 (4) TMI 534 - AT - Income TaxAddition u/s 68 - no sum found credited in the books of an assessee maintained for any previous year - Held that:- The addition made by the A.O in respect of the cash deposit in the bank account of the assessee by invoking Section 68 has to fail for the very reason that as per the judgment in the case of Shri Bhaichand N. Gandhi (1982 (2) TMI 28 - BOMBAY High Court) a bank pass book or bank statement cannot be considered to be a ‘book’ maintained by the assessee for any previous year, as understood for the purpose of Section 68 of the Act. Therefore, on this count itself the impugned addition ₹ 10,53,000/- deserves to be deleted. We find that the explanation rendered by the assessee in respect of the nature and source of the cash deposit in her bank account has been disbelieved by the lower authorities without establishing any credible infirmity or fallacy in the substantial material which was made available on record by the assessee. We are of the considered view that the assessee had not only put forth an explanation in respect of the nature and source of the cash deposit in her bank account, but rather it remains as a matter of fact that substantial material was placed on record by the assessee to fortify the genuineness and veracity of his aforesaid explanation. We find that the explanation of the assessee had been dislodged by the A.O merely on the basis of doubts, surmises and conjectures, which we are afraid cannot form a basis for making an addition in the hands of the assessee. - Decided in favour of assessee.
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