Case Law Details
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 further inquired into the matter with regard to the gift of Rs. 10 lacs by Smt. Dropati Devi and it is found that the return of about one lac has been filed by the heirs of the alleged donor Dropati Devi after a gap of about 10 months from her death.
According to the assessing authority it is clearly a case of ‘cash credit’ and the same therefore, is covered under section 68 of the Act.
We have noticed and perused the orders passed by the assessing authority as well as the impugned order of the Tribunal and we find that there is no illegality in coming to the conclusion that the present case is fully covered within the parameter of section 68 of the Act.
FULL TEXT OF THE HIGH COURT JUDGMENT / ORDER IS AS FOLLOWS:-
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