Tribunal held that, maintenance of one set of accounts for himself, as an individual and other set of accounts for his sole proprietorship concern is valid .Capital introduced cannot be added as cash credit when proper explanation is furnished. (AY. 2009-10)
Ajay Jaysukhlal Mehta. v. ACIT (2018) 173 ITD 430/( 2019) 197 TTJ 861 (Ahd.)(Trib.)
S. 68 : Cash credit-Credit entry in capital account-Maintenance of one set of accounts for himself, as an individual and other set of accounts for his sole proprietorship concern is valid – Capital introduced cannot be added as cash credit when proper explanation is furnished.