Bank Passbook Not ‘Book of Account’; Section 68 Addition Invalid, Rules ITAT

Kanchan Lalwani Vs ITO (ITAT Visakhapatnam)

Bank passbook is not a “book of account”; hence cash deposits cannot attract Section 68.-Addition under Section 56(2)(x)(B) made without opportunity & DVO reference violates natural justice & is unsustainable.

Assessee, an individual, filed return declaring income of ₹10.19 lakh. The case was selected for scrutiny on the ground of large cash deposits & property transactions. AO made two additions- ₹65 lakh u/s 68 as unexplained cash deposits, & ₹45.40 lakh u/s 56(2)(x)(B) as difference bet

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