Section 68 addition merely for deposit of business receipt of Spouse in joint bank account unsustainable

Shri Rajesh Jain Vs ITO (ITAT Indore) The issue under consideration is whether the addition made by AO under section 68 in respect of the deposit of business of wife in their joint bank account is justified in law? In the present case, the assessee maintains a joint bank account with his wife to deposit the rental income of the assessee and his wife. During the year he deposited business income of wife in that account. The Assessing Officer treated the deposit of cash in Vijaya Bank Account, as undisclosed income under section 68 of the Income Tax Act, 1961. ITAT states that, the assessee subm...