https://www.taxtmi.com/caselaws?id=462031 The SC/Tribunal ruled that Section 68 of the Income-tax Act cannot be invoked when an assessee lacks books of account. Bank passbooks do not constitute books of account, and unexplained cash deposits cannot be treated as credits under Section 68 without corresponding accounting records. The Tribunal deleted the income tax officer's addition of Rs. 30,83,300 and the appellate commissioner's enhancement, allowing the assessee's appeal. en-us Thu, 05 Sep 2024 00:00:00 +0530 Thu, 15 May 2025 20:06:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462031 The SC/Tribunal ruled that Section 68 of the Income-tax Act cannot be invoked when an assessee lacks books of account. Bank passbooks do not constitute books of account, and unexplained cash deposits cannot be treated as credits under Section 68 without corresponding accounting records. The Tribunal deleted the income tax officer's addition of Rs. 30,83,300 and the appellate commissioner's enhancement, allowing the assessee's appeal. Case-Laws Income Tax Thu, 05 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462031