https://www.taxtmi.com/caselaws?id=446713 The ITAT Rajkot held that agricultural income cannot be treated as unexplained cash credit under Section 68 r.w.s. 115BBE. The assessee showed gross total income of Rs. 340 and agricultural income of Rs. 28,65,563. The Assessing Officer treated 50% of agricultural income as unexplained, but the Tribunal found this legally incorrect. Following coordinate bench precedents and Bombay HC ruling in CIT v Bhaichand N. Gandhi, bank passbook entries cannot constitute unexplained cash credits as they are not part of assessee's books of accounts. The addition was deleted. en-us Fri, 29 Sep 2023 00:00:00 +0530 Fri, 08 Dec 2023 11:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446713 The ITAT Rajkot held that agricultural income cannot be treated as unexplained cash credit under Section 68 r.w.s. 115BBE. The assessee showed gross total income of Rs. 340 and agricultural income of Rs. 28,65,563. The Assessing Officer treated 50% of agricultural income as unexplained, but the Tribunal found this legally incorrect. Following coordinate bench precedents and Bombay HC ruling in CIT v Bhaichand N. Gandhi, bank passbook entries cannot constitute unexplained cash credits as they are not part of assessee's books of accounts. The addition was deleted. Case-Laws Income Tax Fri, 29 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446713