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Addition u/s 68 merely on the basis of Bank Passbook not sustainable
Case Law Details
- Case Name
- Nanoomal Gupta Vs. ACIT (ITAT Agra)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2003-04 to 2006-07
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Nanoomal Gupta Vs. ACIT (ITAT Agra)
AO observed that the assessee had shown gifts received of Rs.10,00,000/-, i.e., Rs. 5,00,000/- from Kaushalya Devi, New Delhi and Rs. 5,00,000/- from Shri Shree Bhagwan, New Delhi. The AO required the assessee to furnish the complete details of the donors, their copies of accounts, date and mode of receipt of the gifts and confirmations and to justify the gifts in terms of the identity of the donors, their creditworthiness and the genuineness of the gifts. However, since as per the assessment order, the required details were not filed, the AO added the entir...
