Sec 68
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 December 2015
I am a salaried employee and don't maintain any books of accounts. I have disclosed my other sources income by filing return u/s 148 and paid all the taxes much before the issuing the notice u/s 148 and there was no chance of filing revised return. Whether I am liable to charge u/s 68 of I.T. Act i.e. undisclosed cash credit.
05 December 2015
Section 68 can't be invoked where no books of accounts are maintained.
Inference- CIT Vs. Shiv Shakti Timbers(1997) 90 Taxman 349 (MP).
Inference- CIT Vs. Shiv Shakti Timbers(1997) 90 Taxman 349 (MP).
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