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TMI Blog2016 (2) TMI 1182X X X X Extracts X X X X X X X X Extracts X X X X ..... f the assessee. The Pen Drive found from Chetan Gupta cannot be regarded to be the books maintained by the assessee. In view of sum not being found credited in the books of the assessee, it is of the view that provisions of section 68 cannot be applied in this case. Book will always mean systematic recording of the financial data from which financial accounts i.e. profit & loss account and balance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 61 (hereinafter the Act ). 3. The brief facts of the case are that a Pen Drive was recovered by Punjab Vigilance Bureau from the possession of the partner of the assessee, Shri Chetan Gupta which was passed over to the Income-tax Department and consequently, proceedings u/s 148 were initiated against the assessee. The AO was of the view that there were certain transactions in the said Pen Driv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d out by the assessee were accepted in the hand of the assessee as its income. The transaction recorded on the basis of which peak credits were worked out were accepted to be belonging to Chetan Gupta. On this basis itself, the addition is bound to be deleted, in my view, in the hands of the firm. From the order of the Tribunal, it is proved that the Pen Drive belongs to Chetan Gupta. Even otherwi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ii) The assessee offers no explanation about the nature and source of such sum; or (iv) The explanation offered by the assessee is not satisfactory in the opinion of the AO. Thus, before making any addition u/s 68, it is necessary to prove on the part of the revenue that there is a sum found credited in the books of the assessee. The Pen Drive found from Chetan Gupta cannot be regarded to be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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