Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (2) TMI 1030 - AT - Income TaxAddition u/s 68 - addition of the cash deposits in the assessee’s savings bank account with Axis Bank - HELD THAT:- We are persuaded to subscribe to the contention advanced by the ld. A.R that as the bank account or bank passbook of an assessee cannot be held as his 'books of account', therefore, no addition in respect of a simpliciter cash deposit made in the said bank account could be validly made under Sec.68 to the I.T. Act. Our aforesaid observations is duly fortified by the judgment of the Hon'ble High Court of Bombay in the case of CIT Vs. Bhaichand N. Gandhi [1982 (2) TMI 28 - BOMBAY HIGH COURT] We are of the considered view that as the bank account of an assessee cannot be held to be the 'books' of an assessee maintained for any previous year, thus, no addition under Sec. 68 of the Act could have validly been made in respect of a simpliciter deposit made by the assessee before us in her bank account. Thus addition made by the A.O under Sec.68 cannot be sustained, and is liable to be vacated - Decided in favour of assessee.
|