TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Highlights
of of All Highlights
Note
Bookmark
Share
Don't have an account? Register Here
of ITAT upheld the order of the CIT(A) and allowed the assessee's appeal, directing deletion of the addition made by the AO under s. 68. The Tribunal found that the three statutory requisites-identity of creditors, genuineness of transactions, and creditworthiness-were satisfactorily established by proximate banking trails, written gift deeds, prior loan repayments as the direct source of funds, and direct responses from the donors to s. 133(6) notices. The AO's reliance on modest declared incomes alone was held legally unsustainable; where documentary and third-party corroboration demonstrates possession of adequate funds, adverse inference is unwarranted. The appeal was allowed.
TaxTMI 
TaxTMI 
