Section 68 :Gift not to be deemed as unexplained

Gift not to be deemed as unexplained when gift deed and bank certificate were furnished to prove its genuineness

[2015] 57 taxmann.com 176 (Gujarat)

HIGH COURT OF GUJARAT

Smt. Neelamben Gopaldas Agrawal

v.

Income-tax Officer

Section 68 of the Income-tax Act, 1961 - Cash credit (Gifts) - Assessment year 1996-97 - Whether, where assessees received certain amount as gift from NRI through cheque and they produced bank certificate and gift deed regarding same, addition as unexplained income under section 68 was not justified - Held, yes [Para 6] [In favour of assessee]