The ITAT Raipur, an Appellate Tribunal, considered an appeal...

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.