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| The Tax Publishers2020 TaxPub(DT) 1004 (Del-Trib) : (2020) 182 ITD 0246 INCOME TAX ACT, 1961
Section 68
Where even if the assessee does not maintain any books of accounts but the amount was deposited in the bank account of the assessee, which remains unexplained the addition could, therefore, be correctly made under section 68 as the bank passbook can also be considered as books or books of account.
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Income from undisclosed sources - Applicability of section 68 - Cash deposited in bank account - Assessee not maintaining books of account
Additional ground of appeal challenges the fact that whether cash deposit in the bank account can be added into the hands of the assessee under section 68 when the assessee does not maintain the books of account.Held: Even if the assessee does not maintain any books of accounts but the amount was deposited in the bank account of the assessee, which remains unexplained the addition could be correctly made under section 68. After the introduction of the definition of the books or books of account under section 2(12A) the passbook can also be considered as books or books of account. There is no distinction who writes it, but it is record of the transactions entered into by the assessee with the bank. The provisions of section 68 also do not make any distinction about who maintains the books of account, the only requirement is that the books should be of an assessee. There is no requirement that the books of account should be maintained by the assessee himself. In view of this, there was no infirmity in the order of the CIT(A), in confirming an addition of INR 512000 on account of unexplained bank deposits under section 68.
Followed:National Thermal Power Co. Ltd. v. CIT (1998) 229 ITR 383 (SC) : 1998 TaxPub(DT) 342 (SC) and Sri JJenna Goel v. dy. CIT ITA No. 937 and 98/Del/2012 for assessment year 2004-05 and 2005-06.
REFERRED : (2019) 103 taxman.com 274 (Del) : 2019 TaxPub(DT) 1870 (Del-Trib), (2019) 102 taxman.com 229 (Del) : 2019 TaxPub(DT) 1620 (Del-Trib), (2011) 20 taxman.com 311 (Ctk) : 2011 TaxPub(DT) 2129 (Ctk-Trib), (2018) 100 taxman.com 325 (Ahd) : 2018 TaxPub(DT) 7919 (Ahd-Trib), (2013) 33 taxman.com 610 (Luck) : 2013 TaxPub(DT) 2139 (Luck-Trib) and (2016) 73 taxman.com 68 (Mum) : 2016 TaxPub(DT) 4025 (Mum-Trib).
FAVOUR : Against the assessee.
A.Y. : 2009-10
INCOME TAX ACT, 1961
Section 68
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