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2021 (9) TMI 1212 - AT - Income TaxAddition u/s 68 - Addition pertaining to cash deposits in bank account - HELD THAT:- No dispute that the cash deposits were made in the bank account and there were no cash credits in the books of accounts. AO did not bring any material to show that the assessee has brought cash credits in the books of accounts for which the source was not explained. As per section 68, cash credits made in the books of accounts for which the assessee could not explain the source to the satisfaction of the AO, required to be brought to tax u/s 68 of the Act. In the instant case, the deposits were made in the bank account. As per the settled issue, the bank deposits required to be made addition u/s 69 but not u/s 68 of the Act. The bank passbook or bank statement does not amount to the books of accounts of the assessee. As in the case of Babbal Bhatia [2018 (6) TMI 1030 - ITAT DELHI] held that the bank is different from books of accounts of the assessee and credit in the bank account of the assessee cannot be construed as credit in the books of accounts of the assessee - Tribunal in the case of Asha Sanghavi [2019 (11) TMI 868 - ITAT VISAKHAPATNAM]has taken similar view and held that cash deposits made in the bank account cannot be brought to tax u/s 68. In the instant case, there is no dispute that the deposits were made in the bank account and there were no entries in the books of accounts. The deposits made in Bank account are not permissible to tax u/s 68 - addition made by the AO u/s 68 in respect of cash deposits made in the bank are unsustainable, accordingly deleted. Appeal of the assessee is allowed.
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