Bank Passbook Not ‘Books of Account’ for Section 68 Additions: ITAT Delhi

Rahul Goel Vs ITO (ITAT Delhi)

In a recent ruling, the Income Tax Appellate Tribunal (ITAT) Delhi Bench has set aside an addition of ₹88,91,412 made under Section 68 of the Income Tax Act, 1961, against assessee Rahul Goel for the Assessment Year 2014-15. The Tribunal held that a bank passbook cannot be considered “books of account” for the purpose of invoking Section 68, which deals with unexplained cash credits found in an assessee’s books.

The case, Rahul Goel Vs ITO (ITAT Delhi), stemmed from the Assessing Officer (AO) making additions based

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