Section 68 Inapplicable if Assessee not maintain Books: ITAT Mumbai:

Mahesh Subhash Shukla Vs ITO (ITAT Mumbai) In a significant ruling, the Income Tax Appellate Tribunal (ITAT) Mumbai Bench has allowed an appeal filed by Mahesh Subhash Shukla, setting aside an addition of Rs. 30,83,300/- made under Section 68 of the Income Tax Act, 1961, and a further enhancement of Rs. 8 lakhs. The ITAT’s decision hinged on the principle that Section 68, which deals with cash credits, is not applicable when the assessee has not maintained any books of account. The case for Assessment Year 2016-17 involved Mahesh Subhash Shukla, who had filed a return of income declaring Rs....