Section 68 Addition valid in absence of Evidence to Establish Genuineness of Gift Received

Sanjeev Gajendra Pancholi Vs ITO (ITAT Ahmedabad) Perusal of the above gift deed shows that the donor viz. Shri Narendra Maganbhai Pancholi has sold piece of agriculture land from 28.3.2008 to 30.3.2008 and one agriculture land on 26.7.1999 aggregating to Rs.11,64,698/-. The donor claimed that this amount has been invested in private bank, shroff and money lenders etc. and this amount till August 2011 accumulated around Rs.18.00 lakhs; out of this Rs.18.00 lakhs, the donor gifted to the assessee during August, 2011 to March 2012 a sum of Rs.17,27,000/-. The assessee has not proved or explained...