Cash deposits in bank passbook not “credits in books” under Section 68: ITAT Raipur

Kuldeep Jiwan Mahant Vs ITO (ITAT Raipur)

Income Tax Appellate Tribunal (ITAT), Raipur Bench, in the case of Kuldeep Jiwan Mahant vs. Income Tax Officer (ITO), has set aside an order by the Commissioner of Income Tax (Appeals) [CIT(A)] and directed the Assessing Officer (AO) to delete an addition of Rs. 4,65,000 made under Section 68 of the Income Tax Act, 1961. The tribunal’s decision primarily rested on a legal interpretation of Section 68, specifically whether cash deposits reflected in a bank passbook can be considered “credits

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