TMI Blog2016 (2) TMI 911X X X X Extracts X X X X X X X X Extracts X X X X ..... books. The words "the sum so credited" again relate to any sum found credited in the books "so credited", here being the pregnant expression. Thus, a plain reading of the section establishes that it operates only where books are maintained by an assessee and a sum is found credited therein. Now, in the present case, it remains undisputed that the assessee has not maintained any books during the year. Thus, the provisions of section 68 of the Act are not at all attracted and they have been wrongly applied by the authorities below. - Decided in favour of assessee. - I. T. A. No. 508 (Asr)/2014 - - - Dated:- 24-2-2016 - A. D. Jain (Judicial Member) For the Petitioner : P. N. Arora For the Respondent : R. K. Sharda ORDER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... source of deposit in the bank during the assessment proceedings as well as during the appellate proceedings. As such, addition of ₹ 4,95,590 be deleted. 4. On the facts and in the circumstances of the case and in law, the learned Commissioner of Income-tax (Appeals) has erred in enhancing the income of the assessee-appellant by rejecting the explanation which has already been accepted by the Assessing Officer in respect of deposits in the bank account. As such, addition of ₹ 4,95,590 be deleted. 5. On the facts and in the circumstances of the case and in law, the learned Commissioner of Income-tax (Appeals) has erred in enhanc ing the assessment on account of unexplained source of deposit in the bank account amounting ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... requires to be called for. Accordingly, these grounds are admitted. 4. Apropos the additional grounds raised, the learned counsel for the assessee has contended that the taxing authorities have erred in not considering that section 68 of the Income-tax Act is not attracted since the assessee has not maintained any books of account, for which reason, the said section is not applicable to the assessee's case. In this regard, reliance has been placed on the decision of the Delhi Bench of the Tribunal in the case of ITO v. Om Parkash Sharma passed on May 13, 2011, in ITA No. 2256/Del/2009, for the assessment year 2000-01, wherein, it has been held, inter alia, as follows : 9. Coming to the merits of the case, undisputedly, the addi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the parties and have perused the material available on record. Section 68 of the Income-tax Act, reads as follows : 68. Where any sum is found credited in the book of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the sum so credited may be charged to Income-tax as the income of the assessee of that previous year. 7. So section 68 talks of any sum found credited in the books of an assessee maintained for any previous year. As per this section, if the assessee offers no explanation, the section would apply. But this explanation has to be with regard to any sum fou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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