TMI Blog2016 (8) TMI 1403X X X X Extracts X X X X X X X X Extracts X X X X ..... Reddy, This is an appeal filed by the assessee directed against the order dt. 03.01.2011 of Ld.CIT(A), Rohtak for Assessment Year (A.Y.) 2007-08. 2. Facts in brief:- The assesseee is a property dealer and has declared income of ₹ 99,700/- along with agricultural income of ₹ 40,200/- for the A.Y. 2007-08, in its return of income filed on 6.6.2007. 2.1. The Ld.CIT(A) at page 1 of the paper book records that, no books of accounts have been maintained by the assessee. 2.2. During the course of assessment proceedings the A.O. observed certain credit entries amounting to ₹ 16,12,694/- were found in the bank account of the assessee with HDFC bank. The Explanation given by the assessee was rejected by the A.O. and th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng 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 Bombay High Court in the case of CIT vs. Bhaichand N. Gandhi (supra) and while answering the question i.e. whether on the facts and circumstances of the case, the Tribunal was justified in holding that cash credit for the previous year shown in the assessee's bank passbook issued to him by the bank, but not shown in the cash book maintained by him for that year does not fall within the ambit of section 68 of the Act and as such the sum so credited is not char ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 by the assessee or under his instructions. In our view, the Tribunal was justified in the conclusions at which it arrived. 8. In the case of Anand Ram Ratiani vs. CIT (supra), the Hon'ble Gauhati High Court has also held that perusal of section 68 of the Act shows that in relation to expression books , the emphasis is on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant to a particular previous year, in a case where the assessee does not maintain books of account, does not attract the provisions of Section 68. Keeping in view the above in the instant case neither the gifts relating to immovable property can be covered under Section 68 nor the gift of ₹ 2 lacs received by the assessee can be covered under the provisions. In view of the ITAT all gifts satisfied the requirement of a valid and genuine gift. The assessee has fully explained the same and therefore it cannot be said the addition can be sustained even u/s 69 of the Income Tax Act. In this manner the ITAT has dismissed the appeal of the Revenue Department. 8. Respectfully following the propositions laid down in the case law cited a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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