Section 68 Invoked: Bank Statements treated as Books of Account for Individual Assessee 

Bhavanji Jugaji Thakor Vs ITO (ITAT Ahmedabad) In the case of Bhavanji Jugaji Thakor Vs ITO, the Income Tax Appellate Tribunal (ITAT) Ahmedabad reviewed an appeal against the CIT(A) order that upheld an addition of ₹34.3 lakh as unexplained cash credit under Section 68 of the Income Tax Act for the assessment year 2016-17. The assessee had filed a return of ₹1.8 lakh, but the Assessing Officer (AO) added ₹34.3 lakh, citing it as unexplained cash credit. The AO also added ₹49.5 lakh as unexplained investment and ₹1.8 crore as short-term capital gain, raising the total assessed income ...