Commissioner Of Income-Tax, Bombay ... vs U.M. Shah, Proprietor, Shrenik Trading ... on 22 June, 1972
It was similarly held by the Bombay High Court in CIT v. U. M. Shah
(1973) 90 ITR 396. In the instant case, the declaration of the Donors was filed, and reply to
notices issued to them too were taken on record. Since there was no material on record for
doubting the veracity of such declaration and reply, any addition under section 68 cannot be
sustained as it was held by the Hon'ble Supreme Court in Mehta Parekh & Co. v.CIT (1956) 30
ITR 181 (SC).