https://www.taxtmi.com/highlights?id=60936 Unexplained cash credit - addition of cash deposit in bank account - It is important to mention here that the bank statements cannot be termed as books of accounts for the purposes of Sec. 68 - Also as found from perusal of the record that in the subsequent assessment years such cash deposits in the same bank account has been treated as sales executed through the assessee on which the assessee has earned commission income @ 7.5% on sale - A.O. as well as ld. CIT(A) have not specifically mentioned as to under which Section of the Act the additions have been made and also keeping in view the fact that Bank statement is constantly held to be not books of account for the purpose of Section 68 - Additions deleted - AT en-us Wed, 15 Dec 2021 11:17:36 +0530 Wed, 15 Dec 2021 11:17:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=60936 Unexplained cash credit - addition of cash deposit in bank account - It is important to mention here that the bank statements cannot be termed as books of accounts for the purposes of Sec. 68 - Also as found from perusal of the record that in the subsequent assessment years such cash deposits in the same bank account has been treated as sales executed through the assessee on which the assessee has earned commission income @ 7.5% on sale - A.O. as well as ld. CIT(A) have not specifically mentioned as to under which Section of the Act the additions have been made and also keeping in view the fact that Bank statement is constantly held to be not books of account for the purpose of Section 68 - Additions deleted - AT Highlights Income Tax Wed, 15 Dec 2021 11:17:36 +0530 https://www.taxtmi.com/highlights?id=60936