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2016 (2) TMI 911 - ITAT AMRITSAR

2016 (2) TMI 911 - ITAT AMRITSAR - [2016] 48 ITR (Trib) 328 - Addition u/s 68 - Held that:- 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 found credited in the books. This is amply clear from the use of the expression "about the nature and source thereof" ("thereof" being the operative word). Then, in .....

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n. - 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 A. D. Jain (Judicial Member) 1. This is the assessee's a .....

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ource of deposit as sale of property before the Assessing Officer as well as during the appellate proceedings. As such, the addition of ₹ 3,60,000 be deleted. 2. On the facts and in the circumstances of the case and in law, the learned Commissioner of Income-tax (Appeals) has erred in upholding the addition of ₹ 2,10,000 on account of unexplained source of deposit in the bank account whereas the assessee-appellant has duly explained the source of deposit as agricultural income before .....

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ing 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, .....

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ee-appellant on account of various deposits in the bank account without appreciating that the assessee- appellant is having no other source of income except fixed sources, i.e., rental and agricultural income. As such, addition made on account of unexplained deposits in the bank account by rejecting the explanation in summary manner by passing non-speaking order is against natural justice and law. As such, the same be deleted." 2. The assessee has also raised the following additional ground .....

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eted." 3. The additional grounds raised by the assessee are legal in nature. All material facts with regard thereto are on record and nothing further 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 r .....

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ssessee was found not to have maintained any books of account. Now, as correctly observed by the Commissioner of Income-tax (Appeals), the pass book/bank statement supplied by the bank to the assessee does not amount to a books of account of the assessee. It being only a copy of customers' account in the books maintained by the bank, a bank does not act as an agent of its customer. It also cannot be said that the banker maintains a passbook under the instructions of the account holder. The p .....

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ary course of the business of the assessee, in the absence of any corroborative evidence to support the action under section 68 of the Act no such addition is tenable." 5. On the other hand, on this issue, the learned Departmental representative has placed strong reliance on the impugned order, contending that the provisions of section 68 of the Act have rightly been applied. 6. I have heard the parties and have perused the material available on record. Section 68 of the Income-tax Act, rea .....

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