Saturday, June 15, 2013

Section 68: Cash Credits

The Gujarat High Court has held that where assessee in support of gifts received from donors submitted requisite documents such as copies of demand drafts, gift deed, PAN cards and acknowledgement of returns of donors, no addition could be made in respect of gift amount by taking recourse to provisions of section 68.

The Gujarat High Court has held that where, amount gifted through bank established genuineness of transaction, and sufficiency of funds of donor was proved, amount could not be added as cash credit.

The Gujarat High Court has held that where sizeable amounts were deposited in cash in account of depositors only before their withdrawal through cheques in favour of assessee, addition was justified.

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