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| The Tax Publishers2020 TaxPub(DT) 2729 (Del-Trib) INCOME TAX ACT, 1961
Section 68
In absence of maintenance of books of accounts, no addition could be made under section 68 on account of cash deposited in bank account.
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Income from undisclosed sources - Addition under section 68 - Cash deposits in bank account alleged as unexplained - Assessee not maintained book of account
AO required assessee for furnish the explanation with regard to source of cash deposits in bank account however, no reply was furnished by assessee. AO thereafter considered details of cash withdrawal, cash deposits and after giving credit for cash withdrawals made prior to cash deposits made addition under section 68. Assessee challenged this on the ground of non-maintenance of books of account. Held: In absence of maintenance of books of accounts, no addition could be made under section 68 on account of cash deposited in bank account especially when explanation as regards family savings was not considered by AO.
Relied:K.C.C. Software Ltd. & Ors. v. DIT and ORs. (2008) 298 ITR 1 (SC) : 2008 TaxPub(DT) 1545 (SC), CIT v. Mayawati (2011) 338 ITR 563 (Del-HC) : 2011 TaxPub(DT) 1993 (Del-HC), CIT v. Bhaichand H. Gandhi (1983) 141 ITR 67 (Bom-HC) : 1983 TaxPub(DT) 582 (Bom-HC) and Shanta Devi v. CIT (1988) 171 ITR 532 (P&H-HC) : 1988 TaxPub(DT) 658 (P&H-HC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2014-15
INCOME TAX ACT, 1961
Section 54F
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