9911796707
TMI Blog2024 (9) TMI 1741X X X X Extracts X X X X X X X X Extracts X X X X ..... and further erred in enhancing the sum of Rs. 8 lakhs without appreciating that the assessee had not maintained any books of account therefore, provisions of Section 68 of the Act are not applicable. 3. Briefly stated the facts of the case are that the assessee filed a return of income on 16.01.2017 declaring total income of Rs. 15,850/-. The return was processed u/s 143(1) of the Act and later on selected for limited scrutiny under CASS. 4. During the scrutiny assessment proceedings and on perusal of the AIR information the AO came to know that the assessee had deposited Rs. 30,83,300/- in cash in his ICICI Bank Account. The assessee was asked to explain the source and on receiving no plausible reply the AO made addition of Rs. 30,83,30 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... justified in holding that a cash credit for the previous year shown in the assessee's bank pass book 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 Income-tax Act, 1961, and as such the sum so credited is not chargeable to income-tax as the income of the assessee of that previous year? (2) Whether, on the facts and in the circumstances of the case, the Tribunal erred in holding that the deposit of Rs. 10,000 made by the assessee on January 20, 1961, in the bank was not includible under section 68 of the Income-tax Act, 1961, in computing the income of the assessee for the assessment year 1962-637" 8. The Hon'ble High Court has held as under: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onditions can be stated to be met for the applicability of Section 68(1) of the Act (i) assessee has maintained 'books'; (ii) there has to be credit of amounts in the books maintained by the taxpayer of s sum during the year and for the meaning of the term books - the term 'books of account' was inserted by the Finance Act, 2001 w.e.f. 01.05.2001- book/ books of account includes ledgers, day-books, cash books, account books and other books whether kept in the written form or as print-outs of data stored in a floppy disc, tape or any other form of electro-magnetic data storage device. 11. Considering the fact that the cash was found to be deposited in the bank and since the assessee has not maintained any books of account therefore, in our ..... X X X X Extracts X X X X X X X X Extracts X X X X
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