https://www.taxtmi.com/caselaws?id=219428 The ITAT upheld the CIT(A)'s decision to delete the addition of Rs. 26,83,750/- made by the AO under section 68 of the I.T. Act. The CIT(A)'s findings that the gifts and loans were genuine and fully verifiable were confirmed, and the department's appeal was rejected. The ITAT agreed with the CIT(A) that the transactions were within the family and involved parties with substantial capacity and creditworthiness. en-us Wed, 25 Jul 2012 00:00:00 +0530 Fri, 14 Dec 2012 20:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219428 The ITAT upheld the CIT(A)'s decision to delete the addition of Rs. 26,83,750/- made by the AO under section 68 of the I.T. Act. The CIT(A)'s findings that the gifts and loans were genuine and fully verifiable were confirmed, and the department's appeal was rejected. The ITAT agreed with the CIT(A) that the transactions were within the family and involved parties with substantial capacity and creditworthiness. Case-Laws Income Tax Wed, 25 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219428