Section 68 Applies Only to Entries in Assessee’s Books, Not Bank Deposits

Advertisement Mehul V. Vyas Vs ITO (ITAT Mumbai) Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has set aside an addition of Rs. 10,53,000 made by the Income Tax Officer (ITO) under Section 68 of the Income-tax Act, 1961, against Mehul V. Vyas, who represented the deceased assessee. The Tribunal’s order, pronounced on April 7, 2017, hinged on the crucial legal point that Section 68 applies only to sums credited in the “books of an assessee” and not to mere cash deposits in a bank account. The appeal was filed against the order of the CIT(A)-11, Mumbai, dated December ...