https://www.taxtmi.com/caselaws?id=71608 The Assessing Officer added Rs. 6 lacs to the assessee's income under section 68 for unexplained cash credits attributed to gifts from Gujarat agriculturists to minors of the assessee's family. The CIT (Appeals) deleted the addition, but the Tribunal upheld the AO's decision, deeming the gifts non-genuine. The Tribunal found the donors had no personal bond with the donees and the gifts were part of a tax planning scheme. Additionally, the AO disallowed Rs. 49,241 interest on the cash credits, which was upheld by the Tribunal. The Third Member affirmed the assessment in favor of the Revenue. en-us Wed, 28 Nov 2001 00:00:00 +0530 Tue, 26 Apr 2011 10:18:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71608 The Assessing Officer added Rs. 6 lacs to the assessee's income under section 68 for unexplained cash credits attributed to gifts from Gujarat agriculturists to minors of the assessee's family. The CIT (Appeals) deleted the addition, but the Tribunal upheld the AO's decision, deeming the gifts non-genuine. The Tribunal found the donors had no personal bond with the donees and the gifts were part of a tax planning scheme. Additionally, the AO disallowed Rs. 49,241 interest on the cash credits, which was upheld by the Tribunal. The Third Member affirmed the assessment in favor of the Revenue. Case-Laws Income Tax Wed, 28 Nov 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71608