2020 (12) TMI 21 - ITAT VISAKHAPATNAM - Income Tax

Head Note / Extract:
Addition u/s 68 v/s 69 - deposits made by the assessee in the bank account in the form of cash in Andhra Bank - HELD THAT:- AO is not permitted to make addition u/s 68 in respect of deposits made in the bank accounts. As per section 68 of the Act, only the credits made in the books of accounts, that were not explained by the assessee required to be brought to tax. Since the deposits were made in the bank account, the same required to be taxed u/s 69, but not u/s 68 of the Act. This Tribunal in the case of Asha Sanghavi [2019 (11) TMI 868 - ITAT VISAKHAP ATNAM] held that the addition made in respect of bank deposits u/s 68 cannot be sustained and the bank statement or bank passbook cannot be considered to be the books of accounts maintained by the assessee. Accordingly deleted the addition. - Decided in favour of assessee.