9911796707
TMI Blog2018 (11) TMI 1550X X X X Extracts X X X X X X X X Extracts X X X X ..... ccepting faultless explanation of assessee regarding cash deposits of Rs. 60,00,000/- and thereby erroneously sustaining wrongful addition of Rs. 60,00,000/- made on basis of conjectures and surmises. B. That on the facts and in the circumstances of the case and in law, Ld. CIT(A) erred in not deleting the addition of Rs. 60,00,000/- which is sustained on basis of non speaking order passed in violation of principles of natural justice. That the appellant craves leave to add, to amend, modify, rescind, supplement or alter any of the grounds stated herein above, either before or at the time of hearing of this appeal." 2. Brief facts of the case are as under: Assessee filed its return of income on 16/12/11 declaring total income of Rs. 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee preferred appeal before Ld. CIT (A) who dismissed appeal of assessee. 6. Aggrieved by order of Ld. CIT (A) assessee is in appeal before us now. 7. Assessee, vide application dated 05/11/18, has raised additional ground of appeal which reads as under: Additional ground of Appeal: "That impugned assessment order passed by Ld. Assessing Officer u/s 143(3) of the Act making addition u/s 68 on basis of cash deposit in saving bank account with Punjab National Bank, amounting to Rs. 60,00,000/- treating the bank statement as books for purpose of section 68 of the Act as evident from para 3 and 4 of assessment order which is sustained and approved as such by Ld. CIT(A), is invalid and unlawful, inasmuch as bank statement is consistentl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a 14 to 26) 2. Zaheer Abdulhamid Mulani SMC Pune Bench (Before Ms. Sushma Chowla and Shri Anil Chaturvedi) ITA 862/Pun/2017 (31.08.2018) Para 13 3. Latif Ebrahim Patel Mumbai A Bench ITA 7097/Mum/2013 (23.03.2018) Para 7 & Para 8 (Mumbai ITAT decisions in 164 ITD 296 & 160 ITD 605 followed) 4. Shamsher Singh Gill Delhi SMC Bench in ITA 2987/Del/2015 (28/02/2017) Para 4 to 7 5. Danveer Singh Delhi SMC Bench in ITA 4036/Del/2017 (14/12/2017) Para 5 6. Om Prakash Delhi E Bench in ITA 1325/Del/2011 (11/08/2016) Para 5 to 8 7. Kamal Kumar Mishra Lucknow ITAT 143 ITD 686 Para 7 8. Sunil Vaid Delhi ITAT SMC Bench in ITA 2414/Del/2016 (30/12/2016) Para 7 9. On contrary, Ld. Sr. DR referring to definition of "books, books of ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on and/or explanation offered by assessee is not satisfactory, regarding any amount found credited in "books of account" of assessee. 13. Be that as it may, we have carefully perused provisions of section 68. This section starts with words, "where any sum is found credited in the books of an assessee maintained for any previous year,......." . Therefore, section 68 can be applied only where, there are sum found credited in "books of account" maintained by assessee. No doubt passbook /bank statement, are maintained by a bank for its customers. Thus in our considered opinion, we agree with proposition advanced by Ld.AR of non applicability of section 68 in case of cash credit found in saving bank account. 14. It is further observed that Ld. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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