2018 (4) TMI 1624

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rd the rival contentions, I am inclined to condone the delay. Accordingly, I condone the delay and proceed to take up the matter on merits. 4. Briefly stated, the material facts are like this. The assessee before me is a salaried employee and there was a cash deposit aggregating to Rs. 12,27,200/- in his Bank account during the period 01.04.2007 to 31.03.2008. In response to the requisition made by the Assessing Officer, the assessee did explain the source of these deposits which was said to be sale of ancestral property but for the reasons I will set out in a short while to go into this aspect of the matter it is suffice to say that the Assessing Officer proceeded to treat an amount of Rs. 11,82,587/- as "unexplained cash credit within th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ng on November 8, 1961 (Samvat year 2017) and that the bank pass book was not a book maintained by the assessee. It was contended on behalf of the assessee that the amount, even if treated as undisclosed income of the assessee, that the amount, even if treated as undisclosed income of the assessee, could only be assessed in the financial year. The Tribunal accepted the contention of the assessee holding that the said bank pass book could not be treated as a book of the assessee, as contended by the Department, and held that it was not a book maintained by the assessee for any previous year as referred to in s. 68 of the said Act. It is from this decision that the aforesaid questions have been referred to us. 3. Section 68 of the said Act ....