https://www.taxtmi.com/caselaws?id=763754 Section 68 of the Income-tax Act applies only where a credit is found in the assessee's own books of account. Credits appearing solely in a bank passbook or bank statement do not satisfy that statutory condition, and the provision cannot be invoked where the assessee maintains no books and was not required to maintain them. The ITAT Delhi applied this principle and distinguished contrary authorities relied on by the Revenue on facts or on precedent hierarchy. The addition based only on bank credits was therefore unsustainable and was deleted in favour of the assessee. en-us Wed, 18 Dec 2024 00:00:00 +0530 Thu, 26 Dec 2024 10:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763754 Section 68 of the Income-tax Act applies only where a credit is found in the assessee's own books of account. Credits appearing solely in a bank passbook or bank statement do not satisfy that statutory condition, and the provision cannot be invoked where the assessee maintains no books and was not required to maintain them. The ITAT Delhi applied this principle and distinguished contrary authorities relied on by the Revenue on facts or on precedent hierarchy. The addition based only on bank credits was therefore unsustainable and was deleted in favour of the assessee. Case-Laws Income Tax Wed, 18 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763754