2024 (8) TMI 872

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....sed by the Ld. CIT(A) is against law, equity and justice. 2. The Ld. CIT(A) has erred in law and on facts in upholding validity of jurisdiction of the Ld. A.O. without any order passed under Section 127 of the Act. 3. The Ld. CIT(A) has erred in law and facts in making addition of Rs. 34,30,000/- as unexplained cash credit under Section 68 of the Act." 3. The return of income was filed by the assessee on 28.12.2016 declaring total income of Rs. 1,80,270/-. The same was processed under Section 143(1) of the Income Tax Act, 1961 and the case was selected for limited scrutiny in respect of the following reasons:- 1. Whether value of consideration for computation of capital gains has been correctly shown in the ret....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....uine and hence the delay is condoned. 5.1 The Ld. AR submitted that the CIT(A) erred in law and facts in making addition of Rs. 34,30,000/- as unexplained cash credit under Section 68 of the Act. the Ld. AR submitted that it is well settled position that existence of books and accounts maintained by the assessee is a condition precedent for the addition under Section 68 of the Act. In assessee's case, no such books of accounts have been maintained and hence there is no legal scope to invoke the provisions of Section 68 of the Act. The Ld. AR relied upon the following decisions:- 1. CIT vs. Bhaichand H. Gandhi (1983) 141 ITR 0067 2. CIT vs. Ms. Mayawati (2011) 338 ITR 563 (Del) 3. Smt. Madhu Raitani vs. ACIT (20....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....unexplained cash credit has been invoked after verifying and taking cognisance of the cash deposits and the savings account of the assessee with Bank of Baroda. Thus, the transaction was very well recorded in the bank statement and, per se, the bank statement which is savings account of the assessee has to be treated as books of the assessee as the assessee is an individual and is not filing books of account in the common parlance that of the Company's books of account. Thus, the contention of the assessee that Section 68 of the Act cannot be invoked does not sustain. As regards to the component of cash deposits of Rs. 34,30,000/-, the assessee before the CIT(A) has categorically mentioned that the sale receipt of property sold was received....