https://www.taxtmi.com/caselaws?id=373099 Cash deposits in bank accounts could not be assessed as unexplained income under section 68 where the assessee maintained no books of account. Section 68 applies only to sums credited in books maintained by the assessee, and a bank passbook or bank statement is not treated as those books for this purpose. As the addition was made solely on cash deposits reflected in bank accounts and there were no regular books in existence, the Tribunal held that section 68 could not be invoked and deleted the addition. en-us Wed, 05 Dec 2018 00:00:00 +0530 Sun, 06 Jan 2019 08:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373099 Cash deposits in bank accounts could not be assessed as unexplained income under section 68 where the assessee maintained no books of account. Section 68 applies only to sums credited in books maintained by the assessee, and a bank passbook or bank statement is not treated as those books for this purpose. As the addition was made solely on cash deposits reflected in bank accounts and there were no regular books in existence, the Tribunal held that section 68 could not be invoked and deleted the addition. Case-Laws Income Tax Wed, 05 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373099