https://www.taxtmi.com/caselaws?id=780689 Section 68 applies only to credits in the assessee's own books of account, and a bank passbook is not such a book; cash deposits reflected only in the passbook could not therefore be taxed as unexplained cash credits and the addition was deleted. An addition for alleged undervaluation of property under section 56(2)(x)(b) could not be sustained where the assessment proceeded on a basis different from the show-cause notice, the assessee's registered valuer's report was not properly considered, and no further opportunity was given; the addition was also deleted. en-us Fri, 31 Oct 2025 00:00:00 +0530 Tue, 04 Nov 2025 08:03:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=780689 Section 68 applies only to credits in the assessee's own books of account, and a bank passbook is not such a book; cash deposits reflected only in the passbook could not therefore be taxed as unexplained cash credits and the addition was deleted. An addition for alleged undervaluation of property under section 56(2)(x)(b) could not be sustained where the assessment proceeded on a basis different from the show-cause notice, the assessee's registered valuer's report was not properly considered, and no further opportunity was given; the addition was also deleted. Case-Laws Income Tax Fri, 31 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=780689