The ITAT Raipur, an Appellate Tribunal, considered an appeal ...
ITAT: Unexplained cash credit u/s 68 - Bank passbook cannot be regarded as a book of the assessee - No addition warranted
Case Laws Income Tax
May 25, 2024
The ITAT Raipur, an Appellate Tribunal, considered an appeal regarding unexplained cash credit u/s. 68. The assessee failed to explain the nature and source of cash deposits in a jointly held bank account. The AR argued that the cash came from withdrawals/savings, not requiring an addition. The Tribunal held that since the cash deposits did not appear in the assessee's "books of account," u/s. 68 did not apply. Citing a jurisdictional defect, the Tribunal vacated the addition, following precedent from CIT v. Bhaichand H. Gandhi. Decision favored the assessee.
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