Addition U/s. 68 justified if Assessee failed to establish creditworthiness of donors

Pandit Vijay Kant Sharma Vs. CIT (Allahabad High Court) Unexplained deposits a huge amount of Rs. 19,02,000 allegedly/ stated to have been received as gift by the appellant. The assessing authority has examined the alleged gifts by calling for the record from the bank namely relevant passbooks as well as has also issued the notices to the persons allegedly gifted the money to the appellant. The assessing authority has concluded that the gifts were not found genuine as the donors were very petty persons having no source to gift such a heavy amount to the appellant. The assessing authority has f...