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| The Tax Publishers2020 TaxPub(DT) 2439 (Pune-Trib) INCOME TAX ACT, 1961
Section 68
Where assessee submitted an abstract of his cash book but revenue alleged that authenticity of such an abstract of cash book was not established, matter was remitted to file of AO for examining abstract of cash book given and If same accorded with regular books of account maintained by assessee, then no addition could be made.
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Income from undisclosed sources - Unexplained cash deposit - Remand of matter for re-examination of abstract of cash book submitted by assessee -
Issue was as regards addition made for unexplained cash deposits. Assessee submitted an abstract of his cash book but revenue alleged that authenticity of such an abstract of cash book was not established. Held: If position of cash sales vis-Ã -vis bank deposits as depicted in abstract for relevant month was correct, then obviously no addition on account of cash deposits in bank could be made because such deposits could safely be presumed to be made out of cash sales made during said month, which was much more than amount of deposits. Concurring with submissions of revenue, matter was remitted to file of AO for examining the abstract of cash book given. If the same accorded with regular books of account maintained by assessee, then no addition should be made.
REFERRED :
FAVOUR : Matter remanded
A.Y. : A.y. 2010-11
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