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2014 (2) TMI 75 - HC - Income TaxAddition u/s 68 - Held that:- The tribunal has appreciated the facts of the case correctly - the donors were not related to the assessee, they were mainly stated to be belonged to the same community and there was no occasion for the donors to give such sizable gifts to the assessee - The donors didnot have the creditworthiness to advance such huge money to assessee - Relying upon the decision in CIT v. P. Mohanakala [2007 (5) TMI 192 - SUPREME Court] - In cases where explanation offered by the assessee about the nature and source of the sums found credited in the books is not satisfactory, there is prima facie, evidence against the assessee - The burden is on the assessee to rebut the same and if he fails to rebut it, it can be held against the assessee that it was a receipt of an income nature - Even if money came by bank cheques and were credited through banking transactions by itself was not of any significance - The assessee failed to render an explanation for such sizable cash credits in the accounts - Decided against assessee.
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