Section 68 cannot be invoked merely on the basis of bank Pass Book: ITAT Mumbai

Smt. Manasi Mahendra Pitkar Vs ITO (ITAT Mumbai) In a significant ruling for Assessment Year 2011-12, the Income Tax Appellate Tribunal (ITAT) Mumbai Bench has deleted additions totaling ₹27,36,500/- made as unexplained cash credits under Section 68 of the Income Tax Act, 1961, against Shri Mahendra Chintaman Pitkar and Smt. Manasi Mahendra Pitkar (husband and wife). The Tribunal’s decision hinged on the non-applicability of Section 68 to bank passbooks and the acceptance of the assessee’s explanation regarding the source and utilization of the funds for critical medical treatmen...