2016 (2) TMI 1182

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....is appeal has been filed by the assessee against the order of the CIT (Appeals) dated 16.02.2015. 2. Since the ground no.2 was not pressed by the assessee, therefore, the only issue involved in ground no.1 remains for my adjudication is the sustenance of the addition of Rs. 8,80,000/- by the CIT (A) which was made by the AO by invoking the provisions of section 68 of the Income-tax Act, 1961 (h....

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....x authorities below. I have also gone through the decision of the Bench 'B' of the Tribunal in the case of Chetan Gupta vs. DCIT - 144 ITD 344 and under para 6.2 of this decision, I noted that the Tribunal has given a finding about pen drive contains transactions of Chetan Gupta and ultimately, in the subsequent paragraphs of this order, the addition son the basis of the peak credit worked out by ....

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....of that previous year." Section 68, in my opinion, lays down a rule of law. From the perusal of the section, it is apparent that this is deeming provision and the addition under this section can be made if the following conditions are satisfied:- (i) There must be sum found credited in the books of assessee; (ii) The books must be maintained by the assessee for the previ....