Allowing the appeal of the assessee the Tribunal held that, Bank statement cannot be considered as books maintained by assessee. According the addition as cash credit was deleted. Followed CIT v. Bhaicahnd H. Gandhi (1983) 143 ITR 67 (Bom.)(HC), Mehul Vyas v. ITO (2017) 164 ITD 296 (Mum.)(Trib). (AY 2008-09)
Satish Kumar v. ITO (2019) 198 TTJ 114 / 175 DTR 121 (Asr.)(Trib.)
S. 68 : Cash credits-Bank statement cannot be considered as books maintained by assessee-Addition is held to be not valid.