TMI Blog2022 (2) TMI 1030X X X X Extracts X X X X X X X X Extracts X X X X ..... - ITA No. 15/RPR/2016 - - - Dated:- 21-2-2022 - Shri Ravish Sood, Judicial Member And Shri Jamlappa D Battull, Accountant Member For the Assessee : Shri G.S. Agarwal, AR For the Revenue : Shri G.N Singh, DR ORDER PER RAVISH SOOD, JM : The present appeal filed by the assessee is directed against the order passed by the CIT (Appeals)-II, Raipur dated 27.11.2015, which in turn arises from the order dated 19.03.2014 passed by the A.O under Sec. 143(3) of the Income-tax Act, 1961 (in short the Act ) for assessment year 2011-12. Before us the assessee has assailed the impugned order on the following grounds of appeal: 1. That under the facts and law, the learned Commissioner of Income Tax (Appeals) erred in maintaining the addition made by the learned Assessing Officer amounting to ₹ 44,25,000/- on account of cash deposit of aforesaid sum on various dates in her savings bank account with Axis Bank by not considering and not appreciating various explanations and supporting filed. Prayed that the addition is unjustified and be deleted. 2. That under the facts and the law, the learned Commissioner of Income Tax (Appeals) erred in not considering th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the assessee that after accumulating the aforesaid principal amount a/w interest income for over 14 years i.e. from 1987-88 to 2001-02 the total estimated savings in her hand was ₹ 6 lacs (approx). It was further submitted by her that though she had been filing her returns of income way back from assessment year 2002-03, however, during the assessment years 2004-05, 2005-06 and 2008-09 her income was below the basic exemption limit, thus, no return of income for the said years was filed. It was claimed by the assessee that considering the aforesaid facts the savings in her hands during the aforesaid period i.e assessment year 2002-03 onwards could safely be taken at ₹ 9 lacs. Accordingly, the assessee on the basis of her aforesaid submissions claimed that the accumulated savings of ₹ 15 lacs (₹ 6 lacs + ₹ 9 lacs) was duly available with her at the start of the year under consideration. However, the CIT(A) was not inclined to accept the aforesaid explanation of the assessee. Observing, that the assessee had failed to place on record any gift deed etc. to substantiate her claim of having received the aforementioned gifts the CIT(A) declined to acce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t was also claimed by the Ld. AR that as the bank account or bank passbook of an assessee cannot be held as the latters books of accounts , therefore, no addition could have validly been made in her hands u/s 68 of the Act. In support of his aforesaid contention the Ld. AR had relied on the judgment of the Hon ble High Court of Bombay in the case of CIT Vs. BhaichandN. Gandhi (1983) 143 ITR 67 (Bom). Backed by his aforesaid contention, it was submitted by the Ld. AR that the addition of ₹ 44.25 lacs (supra) so made/upheld by the Assessing Officer/CIT(A) u/s.68 of the Act could not be sustained in the eyes of law and was liable to be vacated. 6. We have given a thoughtful consideration to the issue in hand before us and are persuaded to subscribe to the contention advanced by the ld. A.R that as the bank account or bank passbook of an assessee cannot be held as his 'books of account', therefore, no addition in respect of a simpliciter cash deposit made in the said bank account could be validly made under Sec.68 to the I.T. Act. Our aforesaid observations is duly fortified by the judgment of the Hon'ble High Court of Bombay in the case of CIT Vs. Bhaichand N. Ga ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he garb of giving effect to the underlying intent of the legislature, thus confining ourselves within the realm of our jurisdiction, therein construe the scope and gamut of the aforesaid statutory provision by according a plain meaning to the language used in Sec. 68. We are of the considered view that a credit in the 'bank account' of an assessee cannot be construed as a credit in the 'books of the assessee', for the very reason that the bank account cannot be held to be the 'books' of the assessee. Though it remains as a matter of fact that the 'bank account' of an assessee is the account of the assessee with the bank, or in other words the account of the assessee in the books of the bank, but the same in no way can be held to be the 'books' of the assessee. We have given a thoughtful consideration to the scope and gamut of the aforesaid statutory provision, viz. Sec. 68, and are of the considered view that an addition made in respect of a cash deposit in the 'bank account' of an assessee, in the absence of the same found credited in the 'books of the assessee' maintained for the previous year, cannot be brought to tax by in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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