Entries in a bank passbook cannot be treated as books of accounts for Section 68

Advertisement Asha Soni Vs DCIT (ITAT Raipur) In a significant ruling, the Income Tax Appellate Tribunal (ITAT) Raipur has quashed an addition of Rs. 35 lakhs made under Section 68 of the Income Tax Act against assessee Asha Soni. The ITAT determined that the addition for unexplained cash credit was “bad in law” because Soni, whose income primarily derived from salary, house property, and other sources, did not maintain books of accounts, nor was she legally required to do so. The ruling emphasized that entries in a bank passbook cannot be treated as an assessee’s books of...