https://www.taxtmi.com/caselaws?id=772047 Cash deposits reflected in bank accounts were held not to be addable under section 68 where the assessee had returned business income under the presumptive scheme in section 44AD and maintained no regular books of account. Section 68 applies only to credits found in books of account, and a bank passbook or bank statement is not treated as such books under the Act. As the revenue did not establish that the deposits were separate from the declared turnover, the statutory conditions for invoking section 68 were not met, and the addition was deleted in favour of the assessee. en-us Fri, 30 May 2025 00:00:00 +0530 Tue, 03 Jun 2025 08:50:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772047 Cash deposits reflected in bank accounts were held not to be addable under section 68 where the assessee had returned business income under the presumptive scheme in section 44AD and maintained no regular books of account. Section 68 applies only to credits found in books of account, and a bank passbook or bank statement is not treated as such books under the Act. As the revenue did not establish that the deposits were separate from the declared turnover, the statutory conditions for invoking section 68 were not met, and the addition was deleted in favour of the assessee. Case-Laws Income Tax Fri, 30 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772047