Section 68 Addition not Justified for Unexplained Deposit in Bank Account

Dirisala Bala Murali Vs ITO ( ITAT Visakhapatnam) The issue under consideration is whether the AO is justified in making addition u/s 68 towards alleged unexplained deposit in the bank account in as much as a bank account is not a book of account maintained by the appellant? ITAT states that, the bank Pass Book or bank statement cannot be construed to be a book maintained by the assessee for any previous year as understood for the purposes of section 68 of the Act. In the instant case, though the assessee has maintained the books of accounts, the cash deposits made in the bank account were not...