Provisions of section 68 cannot be invoked for entries duly explained

Shri Haris Kalandan Mohammed Vs PCIT (ITAT Bangalore) ITAT Bangalore held that for invoking the provisions of unexplained cash credit u/s 68 there has to be entries in the books of account for which no explanation should have been offered. As the declaration provided by the assessee is self-explanatory the provisions of section 68 cannot be invoked. Facts- During the search proceedings, the assessee admitted an amount of Rs. 28,84,727/- as undisclosed income on account of cash payment for the construction of house. However, the admitted amount was not disclosed in the return of income as accor...