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Credit in ‘bank account’ cannot be construed as credit in books under section 68
Case Law Details
- Case Name
- Vishan Swaroop Gupta Vs ITO (ITAT Jaipur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Jaipur
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Vishan Swaroop Gupta Vs ITO (ITAT Jaipur)
Credit in the ‘bank account’ of an assessee cannot be construed as a credit in the ‘books’ of the assessee as per section 68 of Income Tax Act, 1961.
We observe that credit in the ‘bank account’ of an assessee cannot be construed as a credit in the ‘books’ of the assessee, for the very reason that the bank account cannot be held to be the ‘books’ of the assessee. Though, it remains as a matter of fact that the ‘bank account’ of an assessee is the account of the assessee with the bank, or in other words the account of the assess...
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