ITAT says Bank Credits Cannot Sustain Section 68 Without Books

Eye Focus Entertainment, which had opted for presumptive taxation under Section 44AD and maintained no regular books, was subjected to a ₹114.25 crore addition under Section 68 based entirely on bank-account credits. ITAT held that the foundational requirement of Section 68 - a credit in the assessee's books - was absent, and the CIT(A) could not cure that defect by switching to Section 69A without giving the assessee an opportunity of hearing.