Vinesh Maheswari v. ITO (2019) 176 ITD 576 (Delhi)(Trib.)

S. 68 : Cash credits-Books of account-Sale of shares-long term capital gains–Bank statement is not books of account-Addition cannot be made without giving an opportunity of cross examination–Addition is deleted. [S. 2(12A), 44AA]

Tribunal held that mere bank statement which is issued by bank to its client/account holder could not have been elevated to status of books maintained by assessee within meaning of section 2(12A) and section 44AA of the Act. The revenue cannot rely on the statements of third parties without giving an opportunity of cross examination is violative of principles of natural justice.  (AY. 2015-16)