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2011 (12) TMI 597 - ITAT JODHPURUnexplained cash credit u/s 68 - Genuineness of payment - Held that:- The assessee is having income from house property, income from other sources , long term capital gain and business income. The business income is interest and remuneration from the firm. It is nowhere mentioned in the assessment order that assessee has maintained the books of account in which sale proceeds of the shares were credited. The sale proceeds of shares were credited in the bank account. When monies are deposited in bank, the relationship i.e. constituted between the banker and the customer is one of debtor and creditor and not of trustee and beneficiary. The pass book supplied by the bank to its customer is not books of account maintained by the bank and it is not the account book of the assessee. Such pass book is not maintained b the bank under the instruction of client. The pass book supplied by the bank to the assessee cannot be regarded as a book of the assessee. See CIT vs Bhai Chand G Gandhi [1982 (2) TMI 28 - BOMBAY High Court] . Such credit in the pass book may fall within the ambit of Section 69 as unexplained investment and not in Section 68 of the Income Tax Act, 1961. The ld.CIT(A) held that the amount could not have been added u/s 68 of the Act. The Revenue in its grounds of appeal has nowhere mentioned that such addition should be considered u/s 69 of the Act. We therefore, hold that the ld.CIT(A) was justified in deleting the addition
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