TMI Blog2016 (10) TMI 692X X X X Extracts X X X X X X X X Extracts X X X X ..... : Shri Rajkumar Gupta and Shri Sumit Goel, CAs For The Department : Shri Rajesh Kumar, Sr. DR ORDER This appeal filed by the assessee is directed against the order of the CIT(A) dated 21.08.2015 for the assessment year 2011-12. 2. The assessee is an individual and filed its return of income on 12.3.2012 declaring income of ₹ 1,69,630/-. The assessee had deposited a total amount of ₹ 39,76,168/- in two bank accounts during the year i.e., ICICI Bank Ltd. and Dena Bank Ltd. The AO inquired into the sources of these deposits and, thereafter, added the same as unexplained sources u/s 68 of the Act in his order passed u/s 143(3) on 3.3.2014. The assessee carried the matter in appeal without success. Further aggrieve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that year, does not fall within the ambit of S.68 of the Act and as such the sum so credited is not chargeable to tax as income of the assessee of that previous year. ii) The Hon Ble Delhi High Court in the case of CIT vs. Ms.Mayawati reported in 338 ITR 563 (Del) held as follows:- As the ITAT has come to the conclusion that Section 68 has no applicability to the facts of the present case as the assessee is not maintaining any books of accounts. If that be so Section 68does not apply in this case for the simple reason cheque received from Mr.Pankaj Jain has been deposited in her bank account in this regard. The ITAT was of the opinion that balance sheet/statement of the affairs cannot be equated to books of account because a pass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Income-tax Officer, satisfactory. In that eventuality, the said sum so credited may be charged to income-tax as the income of the assessee of that previous year. Meaning thereby maintenance of books of the assessee, in which credit entry so found, is a condition precedent for invoking the provisions of section 68 of the Act. Now the question arises whether the passbook issued by the bank with regard to the accounts of the assessee can be termed to be the books of the assessee for the purpose of section 68 of the Act. This issue was examined by the Hon'ble B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anation or the explanation offered by him is not satisfactory. As the Tribunal has pointed out, it is fairly well settled that when moneys are deposited in a bank, the relationship that is constituted between the banker and the customer is one of debtor and creditor and not of trustee and beneficiary. Applying this principle, the pass book supplied by the bank to its constituent is 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 pa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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