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TMI Blog2018 (11) TMI 1550X X X X Extracts X X X X X X X X Extracts X X X X ..... . To our mind in present facts of case section 69 should have been initiated by Ld.AO. It is unfortunate that Assessing Officers blindly apply provisions, which can be fatal to the interest of Revenue. However as a Tribunal, we are not competent to make addition u/s 69A of the Act, by virtue of the decision of Hon’ble Allahabad High Court in case of Smt. Sarika Jain vs. CIT [2017 (7) TMI 870 - ALLAHABAD HIGH COURT] - we allow additional ground raised by assessee, only because addition u/s 68 is not sustainable in present facts of case. - Decided in favour of assessee. - ITA No. 2483/Del/2015 - - - Dated:- 27-11-2018 - Smt. Beena A Pillai, Judicial Member And Shri Prashant Maharishi, Accountant Member For the Assessee : Sh. Kapil Goe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or. 3. Ld.AO received AIR information, according to which, cash amounting to ₹ 60 Lacs was deposited in saving bank account held by assessee with Punjab National Bank, Uklana. Ld. AO accordingly, called upon assessee to explain source of cash deposited in saving bank account. In reply, assessee submitted that said amount was deposited in bank out of token money received against sale of agricultural land at measuring 45 Kanal, 19 Marla situated at village Sahu, through Sale Agreement dated 27/11/10 from Sh. Faqir Chand S/o Sh. Nand Lal resident of village Sahu. Assessee also filed photocopy of Sale Agreement. 4. To verify genuineness of submissions, assessee was asked to produce Sh. Faqir Chand S/o of Sh. Nand Lal for recording h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... much less qua cash deposits in stated bank account). 7.1 It is observed that grievance raised by assessee is in respect of addition made by Ld.AO under section 68 in respect of cash deposited in bank account of assessee. 8. Ld. AR submitted that Assessing Officer has invoked section 68, on cash deposits found in bank accounts. He submitted that, admittedly assessee is not maintaining any books of account and, therefore, any addition under section 68 is untenable in law as section is applicable only where credits are found in books of accounts maintained by assessee. He referred to definition of books of account in section 2(12A) of the Act, which reads as under: section 2(12 A): books or books of account includes ledger ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8. Sunil Vaid Delhi ITAT SMC Bench in ITA 2414/Del/2016 (30/12/2016) Para 7 9. On contrary, Ld. Sr. DR referring to definition of books, books of account as defined under section 2(12A) of the Act, submitted that, it is not an inclusive definition in order to restrict meaning of what is referred to therein. Ld. Sr. DR submitted that bank accounts do fall under term account books and other books , which are to be construed generally. Ld. Sr. DR further submitted that assessee has not been able to explain source of cash deposited in bank account and, therefore, Ld. AO was right in invoking provisions of section 68 of the Act. 10. We have heard both sides in light of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y a bank for its customers. Thus in our considered opinion, we agree with proposition advanced by Ld.AR of non applicability of section 68 in case of cash credit found in saving bank account. 14. It is further observed that Ld. AO applied section 68 and made additions in hands of assessee, as unexplained cash credits, to such amount, which has been found deposited by assessee in his saving bank account. To our mind in present facts of case section 69 should have been initiated by Ld.AO. It is unfortunate that Assessing Officers blindly apply provisions, which can be fatal to the interest of Revenue. However as a Tribunal, we are not competent to make addition u/s 69A of the Act, by virtue of the decision of Hon ble Allahabad High Court i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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