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2016 (7) TMI 404 - BOMBAY HIGH COURT

2016 (7) TMI 404 - BOMBAY HIGH COURT - TMI - Additions u/s 68 - Bank credits - presumptions u/s 292C - Held that:- As relying on case of Commissioner of Income Tax Vs. Bhaichand H. Gandhi [1982 (2) TMI 28 - BOMBAY High Court] it is held that the entries in the Bank passbook cannot be considered as entries in the books of the assessee so as to invoke Section 68 of the Act. No substantial question of law arises. - Decided against revenue - Addition on purchase of jewelry as relying on document .....

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o convert the documents indicating estimate into the documents of purchase. The authorities have further recorded the fact that no corresponding asset was found during course of search or subsequent proceedings. - Decided against revenue - Income Tax Appeal No. 2432 of 2013, Income Tax Appeal No. 75 of 2014 - Dated:- 27-6-2016 - M. S. Sanklecha And A. K. Menon , JJ. Mr. Arvind Pinto for the appellant Mr. Sumeet Moholkar for the respondent ORDER P. C. 1. Both these Appeals under Section 260A of t .....

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of the fact that these credits are detected during the course of a search ? (ii) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in disregarding the law of presumption mandated by Section 292C, while deleting the addition on account of jewellery that no corresponding asset was found during the search ? 3. Regarding question no.(i) : (a) We find that the impugned order of the Tribunal notes that addition under Section 68 of the Act has been made b .....

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v. CIT (1969) 71 ITR 427, it has been held by the Supreme Court that it is now well settled that the only possible way in which income from an undisclosed source can be assessed or reassessed is to make the assessment on the basis that the previous year for such an income would be the ordinary financial year. Even under the provisions embodied in Section 68 of the said Act it is only when any amount is found credited in the books of the assessee for any previous year that the section will apply .....

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only a copy of the constituent's account in the books maintained by the bank. It is not as if the pass book is maintained by the bank as the agent of the constituent, nor can it be said that the pass book is maintained by the bank under the instructions of the constituent. In view of this, the Tribunal was, with respect, justified in holding that the pass book supplied by the bank to the assessee in the present case could not be regarded as a book of the assessee, that is, a book maintained .....

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lar assessment proceedings and not under Section 153 of the Act as in this case. However, the above fact would not lead to deviation from the principle laid down above for invocation of Section 68 of the Act. This is particularly so as on being asked Mr.Pinto stated that Section 292C of the Act has not been invoked in the present case. (d) In view of the fact that the impugned order has followed jurisdictional Court, no substantial question of law arises for our consideration. Thus not entertain .....

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