https://www.taxtmi.com/caselaws?id=329806 The court dismissed both appeals challenging the order of the Income Tax Appellate Tribunal for Assessment Years 2006-07 and 2007-08. Regarding the interpretation of Section 68 of the Income Tax Act on bank credits detected during a search, the court upheld the Tribunal's decision that bank passbook entries cannot be considered as income under Section 68. For the application of Section 292C in the context of jewellery found during the search, the court ruled that since the documents were estimates and not evidence of actual purchase, and no corresponding asset was found, Section 292C did not apply. Consequently, no substantial question of law arose, and both appeals were dismissed without costs. en-us Mon, 27 Jun 2016 00:00:00 +0530 Sat, 09 Jul 2016 12:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329806 The court dismissed both appeals challenging the order of the Income Tax Appellate Tribunal for Assessment Years 2006-07 and 2007-08. Regarding the interpretation of Section 68 of the Income Tax Act on bank credits detected during a search, the court upheld the Tribunal's decision that bank passbook entries cannot be considered as income under Section 68. For the application of Section 292C in the context of jewellery found during the search, the court ruled that since the documents were estimates and not evidence of actual purchase, and no corresponding asset was found, Section 292C did not apply. Consequently, no substantial question of law arose, and both appeals were dismissed without costs. Case-Laws Income Tax Mon, 27 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329806