Unexplained money

Identification of donor and receipt of gift by cheque not sufficient to prove genuineness of gift

CASE LAW DETAILS Decided by: HIGH COURT OF PUNJAB AND HARYANA,  In The case of: Yash Pal Goel v. Commissioner of Income-tax (Appeals), Chandigarh,  Appeal No.: [2009] 181 TAXMAN 175 (PUNJ. & HAR.) , IT APPEAL NO. 389 OF 2008 ( Decided on: January 20, 2009 RELEVENT PARAGRAPH section 68 of the Income-tax Act, 1961 – Cash [...]
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Unexplained money – SC Judgement U/s. 69A of Income Tax Act

Commissioner of Income-tax v. K. Chinnathamban - Section 69A of the Income-tax Act, 1961 - Unexplained money - Firm ‘V’, allegedly floated for carrying on business of prize tickets and for collecting deposits from public, was managed by one ‘K’ - During search certain amount was seized - Assessing Officer on basis of statements given by ‘K’ concluded that firm was not genuine and observing that ‘K’ was not in position to explain source of deposit of seize..
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