https://www.taxtmi.com/caselaws?id=448450 ITAT Raipur ruled in favor of the assessee regarding unexplained cash credit under Section 68 read with Section 115BBE. The tribunal held that additions under Section 68 cannot be made when the assessee does not maintain books of accounts, as the assessee was not required to maintain books given income sources were only salary, house property, and other sources. The tribunal followed the Bombay HC precedent in Bhaichand N. Gandhi case, distinguishing it from the revenue's cited Delhi ITAT decision. Bank passbook entries cannot be treated as books of accounts for Section 68 purposes, making the addition legally invalid. en-us Wed, 10 Jan 2024 00:00:00 +0530 Thu, 18 Jan 2024 09:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448450 ITAT Raipur ruled in favor of the assessee regarding unexplained cash credit under Section 68 read with Section 115BBE. The tribunal held that additions under Section 68 cannot be made when the assessee does not maintain books of accounts, as the assessee was not required to maintain books given income sources were only salary, house property, and other sources. The tribunal followed the Bombay HC precedent in Bhaichand N. Gandhi case, distinguishing it from the revenue's cited Delhi ITAT decision. Bank passbook entries cannot be treated as books of accounts for Section 68 purposes, making the addition legally invalid. Case-Laws Income Tax Wed, 10 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448450