https://www.taxtmi.com/caselaws?id=333672 The ITAT, Delhi, ruled in favor of the assessee in a case involving unexplained deposits under section 68 of the Income Tax Act. The court emphasized the necessity of maintaining books of account and cited legal precedents to support its decision. Referring to judgments by the Bombay High Court and Delhi High Court, the ITAT clarified that bank passbooks are not equivalent to maintained books of account. Additionally, the ITAT considered the peak credit from the bank accounts and found the evidence insufficient to support the addition under section 68, ultimately allowing the assessee's appeal. en-us Tue, 30 Aug 2016 00:00:00 +0530 Wed, 19 Oct 2016 17:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333672 The ITAT, Delhi, ruled in favor of the assessee in a case involving unexplained deposits under section 68 of the Income Tax Act. The court emphasized the necessity of maintaining books of account and cited legal precedents to support its decision. Referring to judgments by the Bombay High Court and Delhi High Court, the ITAT clarified that bank passbooks are not equivalent to maintained books of account. Additionally, the ITAT considered the peak credit from the bank accounts and found the evidence insufficient to support the addition under section 68, ultimately allowing the assessee's appeal. Case-Laws Income Tax Tue, 30 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333672