https://www.taxtmi.com/caselaws?id=768989 ITAT Visakhapatnam held that addition under Section 68 for unexplained cash credits cannot be made when assessee has not maintained books of accounts. The tribunal ruled that Section 68 applies only to sums found credited in books of account maintained by assessee. Since bank statements or passbooks cannot be considered as books maintained by assessee, the addition made by AO under Section 68 was legally invalid and was deleted. Decision favored assessee. en-us Fri, 07 Mar 2025 00:00:00 +0530 Thu, 17 Apr 2025 09:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768989 ITAT Visakhapatnam held that addition under Section 68 for unexplained cash credits cannot be made when assessee has not maintained books of accounts. The tribunal ruled that Section 68 applies only to sums found credited in books of account maintained by assessee. Since bank statements or passbooks cannot be considered as books maintained by assessee, the addition made by AO under Section 68 was legally invalid and was deleted. Decision favored assessee. Case-Laws Income Tax Fri, 07 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768989