TMI Blog2018 (4) TMI 1624X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 by the assessee or under his instructions - decided in favour of assessee. - ITA No.1864/Ahd/2014 - - - Dated:- 19-4-2018 - Pramod Kumar, J. P.M. Patel for the appellant R.P. Maurya for the respondent ORDER 1. By way of this appeal, the assessee appellant has c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Court s judgement in the case of CIT vs. Bhaichand H. Gandhi (1983) 53 CompCas 400 Bom. In particular, my attention was invited to the following observations made by their lordships:- 2. In the course of the assessment proceedings for the assessment year 1962-63, for which the relevant previous year in the case of the assessee was Samvat year 2017, the ITO included ₹ 30,000 in the assessment on account of cash credits found in certain books which, according to the ITO, were the books of the assessee. The explanation offered by the assessee regarding the genuineness of these credits was not accepted by the ITO and he treated the amount as income from undisclosed sources. On an appeal by the assessee, the AAC confirmed the view of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as the income of the assessee of that previous year. 4. In Baladin Ram 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 s. 68 of the said Act, it is only when any amount is found credited in the books of the amount so credited may be charged to tax as the income of that previous year, if the assessee offers no explanation or the explanation offered by him is not satisfactory. 5. As the Tribunal has pointed out, it is fairly well settled th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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