https://www.taxtmi.com/caselaws?id=402421 Section 68 applies only where a sum is credited in the assessee's books for the relevant year, and a bank passbook or bank statement is not "books of account" within section 2(12A). Where an assessee opts for presumptive taxation under section 44AD and is not required to maintain books, the foundational condition for invoking section 68 is absent. Cash deposits in the bank account, by themselves, cannot be treated as credits in books maintained by the assessee. The addition under section 68 was therefore unsustainable and was deleted in favour of the assessee. en-us Mon, 28 Dec 2020 00:00:00 +0530 Mon, 04 Nov 2024 11:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402421 Section 68 applies only where a sum is credited in the assessee's books for the relevant year, and a bank passbook or bank statement is not "books of account" within section 2(12A). Where an assessee opts for presumptive taxation under section 44AD and is not required to maintain books, the foundational condition for invoking section 68 is absent. Cash deposits in the bank account, by themselves, cannot be treated as credits in books maintained by the assessee. The addition under section 68 was therefore unsustainable and was deleted in favour of the assessee. Case-Laws Income Tax Mon, 28 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402421