Section 68 addition fails where cash from jointly owned property sale belonged to all co-owners collectively.

Section 68 addition based on cash received from the sale of jointly owned property could not be sustained against one co-owner alone where the property belonged to seven legal heirs and the cash component formed part of the collective sale proceeds. The assessment proceeded on the mistaken premise that the entire cash receipt represented unexplained money in the assessee's individual hands, but the record did not show exclusive receipt by the assessee. On that basis, the addition was directed to be deleted.

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Issues: Whether the addition made under section 68 on account of cash receipt from the sale of jointly owned property could be sustained in the hands of the assessee alone.

Analysis: The property was held by seven legal heirs and the sale consideration included cash received towards the collective sale proceeds of all co-owners. The cash component was not shown to be the exclusive receipt of the assessee, and the assessment proceeded on the erroneous premise that the entire amount represented unexplained money in the assessee's hands alone.

Conclusion: The addition under section 68 could not be upheld against the assessee alone and was directed to be deleted.

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