https://www.taxtmi.com/caselaws?id=215909 Section 68 additions were deleted where the assessee HUF substantiated long-term capital gains from share sales and no distinguishing material showed the transactions to be sham. Additions for low household withdrawals were sustained only to the extent already restricted on a reasonable appraisal of drawings and surrounding facts. A gift received by the HUF was treated as genuine because the donor's identity was established, the source of funds was explained through banked sale proceeds, and documentary support existed; in the absence of adverse evidence on creditworthiness or genuineness, the unexplained cash credit addition could not stand. en-us Wed, 27 Jun 2012 00:00:00 +0530 Wed, 22 Aug 2012 13:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215909 Section 68 additions were deleted where the assessee HUF substantiated long-term capital gains from share sales and no distinguishing material showed the transactions to be sham. Additions for low household withdrawals were sustained only to the extent already restricted on a reasonable appraisal of drawings and surrounding facts. A gift received by the HUF was treated as genuine because the donor's identity was established, the source of funds was explained through banked sale proceeds, and documentary support existed; in the absence of adverse evidence on creditworthiness or genuineness, the unexplained cash credit addition could not stand. Case-Laws Income Tax Wed, 27 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215909