Addition u/s 68 v/s 69 - bank statement or bank passbook cannot ...

Bank Statements Not Books: Deposits Taxed u/s 69, Not Section 68, of Income Tax Act.

December 1, 2020

Case Laws Income Tax AT

Addition u/s 68 v/s 69 - bank statement or bank passbook cannot be considered to be the books of accounts maintained by the assessee. - As per section 68 of the Act, only the credits made in the books of accounts, that were not explained by the assessee required to be brought to tax. Since the deposits were made in the bank account, the same required to be taxed u/s 69, but not u/s 68 - AT

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Addition u/s 68 v/s 69 - bank statement or bank passbook cannot ...

Bank Statements Not Books: Deposits Taxed u/s 69, Not Section 68, of Income Tax Act.

December 1, 2020

Case Laws Income Tax AT

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