|The Tax Publishers2020 TaxPub(DT) 5071 (Visakhapatnam-Trib)
INCOME TAX ACT, 1961
Where cash deposits in bank account were not recorded in books of account of assessee, addition made by AO under section 68 in respect of cash deposits was not sustainable.
Income from undisclosed sources - Addition under section 68 - Cash deposits in bank account - Deposits not found credited in assessee's books of account
AO made addition under section 68 in respect of cash deposits in assessee's bank account. Assessee challenged this on the ground that cash deposits were not being credited in books of account of assessee. Held: Though assessee had maintained books of accounts, cash deposits made in bank account were not found credited in books of account. The entire transactions were made outside books of account. In the absence of any finding with regard to cash deposits recorded in books of account of assessee, addition made by AO under section 68 in respect of cash deposits made in bank account are unsustainable.
Followed:Smt. Asha Sanghavi ITA No. 33/Viz/2019 : 2019 TaxPub(DT) 7665 (Visakhapatnam-Trib).
FAVOUR : In assessee's favour.
A.Y. : 2011-12
IN THE ITAT, VISAKHAPATNAM BENCH
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