https://www.taxtmi.com/caselaws?id=311857 The ITAT Raipur held that additions under section 68 for unexplained cash deposits in bank accounts cannot be sustained based solely on bank statements. Following the precedent in CIT vs. Bhaichand N. Gandhi, the tribunal ruled that bank passbooks or statements cannot be considered books maintained by the assessee for section 68 purposes. The AO's addition was deemed contrary to settled law, and the CIT(A)'s order was set aside. The tribunal directed deletion of the addition and decided in favor of the assessee. en-us Tue, 19 Jul 2022 00:00:00 +0530 Wed, 17 Jan 2024 21:07:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311857 The ITAT Raipur held that additions under section 68 for unexplained cash deposits in bank accounts cannot be sustained based solely on bank statements. Following the precedent in CIT vs. Bhaichand N. Gandhi, the tribunal ruled that bank passbooks or statements cannot be considered books maintained by the assessee for section 68 purposes. The AO's addition was deemed contrary to settled law, and the CIT(A)'s order was set aside. The tribunal directed deletion of the addition and decided in favor of the assessee. Case-Laws Income Tax Tue, 19 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311857