Dismissing the appeal of the assessee the Court held that , the assessee has to creditworthiness of donor, mere transaction through banking channel is not sufficient compliance . ( AY. 2004 -05)
Narendra Kumar Sakaria v. ACIT (2019) 410 ITR 43/ 261 Taxman 513 (Mad.)(HC)
S. 68 : Cash credits — Gifts —Overseas transactions through Bank conclusive proof- Credit worthiness of donor is required to be proved.