2024 (9) TMI 1741

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....and further erred in enhancing the sum of Rs. 8 lakhs without appreciating that the assessee had not maintained any books of account therefore, provisions of Section 68 of the Act are not applicable. 3. Briefly stated the facts of the case are that the assessee filed a return of income on 16.01.2017 declaring total income of Rs. 15,850/-. The return was processed u/s 143(1) of the Act and later on selected for limited scrutiny under CASS. 4. During the scrutiny assessment proceedings and on perusal of the AIR information the AO came to know that the assessee had deposited Rs. 30,83,300/- in cash in his ICICI Bank Account. The assessee was asked to explain the source and on receiving no plausible reply the AO made addition of Rs. 30,83,300....

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....ustified in holding that a cash credit for the previous year shown in the assessee's bank pass book issued to him by the bank but not shown in the cash book maintained by him for that year does not fall within the ambit of section 68 of the Income-tax Act, 1961, and as such the sum so credited is not chargeable to income-tax as the income of the assessee of that previous year? (2) Whether, on the facts and in the circumstances of the case, the Tribunal erred in holding that the deposit of Rs. 10,000 made by the assessee on January 20, 1961, in the bank was not includible under section 68 of the Income-tax Act, 1961, in computing the income of the assessee for the assessment year 1962-637" 8. The Hon'ble High Court has held as under:-....