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TMI Blog2018 (4) TMI 1624X X X X Extracts X X X X X X X X Extracts X X X X ..... d the rival contentions, I am inclined to condone the delay. Accordingly, I condone the delay and proceed to take up the matter on merits. 4. Briefly stated, the material facts are like this. The assessee before me is a salaried employee and there was a cash deposit aggregating to Rs. 12,27,200/- in his Bank account during the period 01.04.2007 to 31.03.2008. In response to the requisition made by the Assessing Officer, the assessee did explain the source of these deposits which was said to be sale of ancestral property but for the reasons I will set out in a short while to go into this aspect of the matter it is suffice to say that the Assessing Officer proceeded to treat an amount of Rs. 11,82,587/- as "unexplained cash credit within the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g on November 8, 1961 (Samvat year 2017) and that the bank pass book was not a book maintained by the assessee. It was contended on behalf of the assessee that the amount, even if treated as undisclosed income of the assessee, that the amount, even if treated as undisclosed income of the assessee, could only be assessed in the financial year. The Tribunal accepted the contention of the assessee holding that the said bank pass book could not be treated as a book of the assessee, as contended by the Department, and held that it was not a book maintained by the assessee for any previous year as referred to in s. 68 of the said Act. It is from this decision that the aforesaid questions have been referred to us. 3. Section 68 of the said Act s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e constituent, not 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." 6. Learned counsel's short contention is that the impugned addition is made under section 68 by treating the bank account of the assessee as books of account but then this course of action in the light of the above judicial precedent is not sustainable in law. 7. I see merit in t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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