9911796707
TMI Blog2019 (5) TMI 1113X X X X Extracts X X X X X X X X Extracts X X X X ..... come Tax Act, 1961. (ii) That the reasons recorded are vague and fails to satisfy the requisite conditions in terms of provisions of section 148 and as such the reassessment proceedings are illegal and without jurisdiction. 2(i) That on the facts and circumstances of the case, the Ld. CIT(A) was not justified in confirming addition of Rs. 8,64,000/- on the alleged ground of unexplained cash deposit u/s. 68 of the Income Tax Act, 1961. (ii) That there being no case of any unexplained cash deposit, the impugned addition is without any basis and not taking into consideration the details submitted by the assessee. 3. That the orders of lower authorities are not justified on facts and the same are bad in law. 4. That the appellant crav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax Act, 1961, the amount of Rs. 8,64,000/- is being determined as her income from undisclosed sources. Therefore, the AO added the same to the total taxable income of the assessee and assessed the income of the assessee at Rs. 10,12,780/- vide order dated 23.4.2016. Against the order of the AO, the assessee appealed before the ld. CIT(A), who vide his impugned order dated 28.2.2018 has dismissed the appeal of the assessee. Aggrieved with the order of the Ld. CIT(A), assessee appealed before the Tribunal. 3. During the hearing, Ld. counsel for the Assessee has not pressed the grounds No. 1(i) & (ii), hence, the same are dismissed as not pressed. As regards the ground no. 2(i) & (ii) are concerned, he submitted that this issue is squarely c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on. 12. It has been vehemently canvassed by Ld.AR that passbook/bank statement obtained from a bank do not construe "books of account" of assessee, as defined under section 2(12A) of the Act. It is also been proposed by Ld.AR that section 68 of the Act is not applicable, when assessee does not maintain any books of accounts. He, thus, vehemently argued that, provisions of section 68 is applicable, only when, no explanation and/or explanation offered by assessee is not satisfactory, regarding any amount found credited in "books of account" of assessee. 13. Be that as it may, we have carefully perused provisions of section 68. This section starts with words, "where any sum is found credited in the books of an assessee maintained for any p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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