https://www.taxtmi.com/highlights?id=55702 Addition u/s 68 v/s 69 - bank statement or bank passbook cannot be considered to be the books of accounts maintained by the assessee. - As per section 68 of the Act, only the credits made in the books of accounts, that were not explained by the assessee required to be brought to tax. Since the deposits were made in the bank account, the same required to be taxed u/s 69, but not u/s 68 - AT en-us Tue, 01 Dec 2020 15:31:19 +0530 Tue, 01 Dec 2020 15:31:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=55702 Addition u/s 68 v/s 69 - bank statement or bank passbook cannot be considered to be the books of accounts maintained by the assessee. - As per section 68 of the Act, only the credits made in the books of accounts, that were not explained by the assessee required to be brought to tax. Since the deposits were made in the bank account, the same required to be taxed u/s 69, but not u/s 68 - AT Highlights Income Tax Tue, 01 Dec 2020 15:31:19 +0530 https://www.taxtmi.com/highlights?id=55702