2016 (7) TMI 404

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....s the following questions of law for our consideration : "(i) Whether on the facts and circumstances of the case and in law, the Tribunal was right in holding that bank credits that could not be treated as income under Section 68, unmindful of the fact that these credits are detected during the course of a search ? (ii) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in disregarding the law of presumption mandated by Section 292C, while deleting the addition on account of jewellery that no corresponding asset was found during the search ?" 3. Regarding question no.(i) : (a) We find that the impugned order of the Tribunal notes that addition under Section 68 of the Act ....

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....ed by the bank to its constituent is only a copy of the constituent's account in the books maintained by the bank. It is not as if the pass book is maintained by the bank as the agent of the constituent, nor can it be said that the pass book is maintained by the bank under the instructions of the constituent. In view of this, the Tribunal was, with respect, justified in holding that the pass book supplied by the bank to the assessee in the present case could not be regarded as a book of the assessee, that is, a book maintained by the assessee or under his instructions, in our view, the Tribunal was justified in the conclusions at which it arrived. In the result, the questions referred to us are answered as follows:" In the above view....