BOOKS VS CASH CREDITS

[CA.BHUPENDRASHAH]

IS THIS CASE LAW REPORTED ???? CAN ANYONE PROVIDE FULL CASE  ?
[2011] 10 taxmann.com 206 (Gau. - ITAT)(TM)

[CA.BHUPENDRASHAH]

[2011] 10 taxmann.com 206 (Gau. - ITAT)(TM)

IN THE ITAT GAUHATI BENCH (THIRD MEMBER)

Smt. Madhu Raitani

v.

Assistant Commissioner of Income-tax*, Circle-3

G.D. AGRAWAL, VICE-PRESIDENT
D.K. TYAGI, JUDICIAL MEMBER (AS A THIRD MEMBER)
B.R. KAUSHIK, ACCOUNTANT MEMBER
AND HEMANT SAUSARKAR, JUDICIAL MEMBER

IT APPEAL NOS. 51&104 (GAUHATI) OF 2006
[ASSESSMENT YEAR 2002-03]
OCTOBER 7, 2010
Section 68 of the Income-tax Act, 1961 - Cash credits - Assessment year 2002-03
- Whether existence of books of account maintained by assessee is a condition
precedent for addition under section 68 - Held, yes - Whether, therefore, where
assessee had not maintained books of account, there was no legal scope to
intervene provisions of section 68 and as such, addition made on such premise
was to be deleted - Held, yes

Section 68, of the Income-tax Act, 1961 - Cash credits - Assessment year 2002-03
- During relevant assessment year, assessee received certain amount of gifts
from seven persons by account payee cheques - Assessing Officer disbelieved
gifts received by assessee from aforesaid persons - According to Assessing
Officer, cash was deposited into respective bank accounts of aforesaid persons
before issuing cheques to assessee and alleged donors were not capable of making
such huge gifts to assessee - Assessing Officer, thus, added back entire amount
of gift as assessee's undisclosed income - Commissioner (Appeals) confirmed
addition - On instant appeal, it was seen that assessee had furnished copies of
acknowledgement of income-tax returns for assessment year 2002-03 of all donors
along with challans evidencing payments of tax, computation of income, balance
sheet, declaration confirming gift, etc., in support of her getting gifts from
respective donors - It was also noted that revenue could not bring any
conclusive evidence to establish that donors from whom gifts were received were
bogus and assessee's own undisclosed, money came back to her en-route bogus
gifts - Whether, on facts, lower authorities were not justified in holding that
gifts were undisclosed income of assessee - Held, yes

[JB]

Sir, kindly see the Madras HC judgment in acse of Taj Borewell reported at 291 ITR 232. it is on the same subject and may be useful.