https://www.taxtmi.com/caselaws?id=219430 The Tribunal allowed the appeal in part, deleting the addition made by the Assessing Officer for unexplained gifts received by the assessee's minor children, as the evidence provided by the appellant was deemed sufficient to explain the gifts under sec. 68. The Tribunal held that the lack of inquiry with donors or their assessing officers rendered the gifts non-suspicious. However, the addition for low withdrawals for personal and household expenses was upheld, as the Tribunal found the estimate provided by the AO to be justified. en-us Wed, 25 Jul 2012 00:00:00 +0530 Mon, 08 Oct 2012 12:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219430 The Tribunal allowed the appeal in part, deleting the addition made by the Assessing Officer for unexplained gifts received by the assessee's minor children, as the evidence provided by the appellant was deemed sufficient to explain the gifts under sec. 68. The Tribunal held that the lack of inquiry with donors or their assessing officers rendered the gifts non-suspicious. However, the addition for low withdrawals for personal and household expenses was upheld, as the Tribunal found the estimate provided by the AO to be justified. Case-Laws Income Tax Wed, 25 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219430