https://www.taxtmi.com/caselaws?id=397314 Section 68 can be invoked for credits reflected in a bank account, even where the assessee does not maintain self-made books of account, because the inquiry remains directed to the nature and source of the credit. In claimed gift cases, the assessee must prove genuineness, donor creditworthiness, and the true source of funds through credible evidence. Here, failure to produce the donors, unserved summons, and the donors' meagre financial capacity left the gift claims unsubstantiated, so the gifts were treated as not genuine and the addition was sustained. en-us Mon, 03 Feb 2020 00:00:00 +0530 Fri, 14 Aug 2020 09:51:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397314 Section 68 can be invoked for credits reflected in a bank account, even where the assessee does not maintain self-made books of account, because the inquiry remains directed to the nature and source of the credit. In claimed gift cases, the assessee must prove genuineness, donor creditworthiness, and the true source of funds through credible evidence. Here, failure to produce the donors, unserved summons, and the donors' meagre financial capacity left the gift claims unsubstantiated, so the gifts were treated as not genuine and the addition was sustained. Case-Laws Income Tax Mon, 03 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397314