Facts of case one person has only rental income file return every year on regular basis Pay tax on Net Appox. Rs 3,50,000/- income
The assessee'wife is partner in partnership firm.she withdraw cash amount Rs 21,50,000/- from her partnership bank account for purchases of land in jaammu. But she has not obtain the land due to some reasons and same returned (21,50,000/-) amount is deposit in her husband bank account by mistake.
The assessing officer made addition rs 21,50,000/- under section 68 on basis of bank pass book.
my query :- 1. tell me about section 68 is applicable on tranction made by husband & wife. 2. i think Section 68 is applicable on those person who maintain the books. tell me about "BOOKS MEANING" also. kind ur information assessee has only rental income.
07 September 2009
sec 68 deals with unexplained credits in the books of the assesse. If the assesse does not give explanation to the credit assesse will be liable to tax on the amount. As per Sec2(12A) of IT Act Books includes ledgers,day book cash book and other books maintained in written,print out or floppy, magnetic tape etc.since it is a Inclusive def all books suuficient to assess will come.
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