https://www.taxtmi.com/caselaws?id=233721 The Tribunal allowed the appeal, ruling in favor of the assessee and deleting the addition of unexplained gifts. The Tribunal held that the assessee had discharged its onus by proving the genuineness of the gifts and the creditworthiness of the donors. Emphasizing the importance of verifying transactions and not doubting genuine transactions without proper inquiry, the Tribunal relied on the evidence provided by the assessee and legal principles highlighted in a case law of the Calcutta High Court. The Tribunal concluded that additions cannot be made in the absence of proper inquiry from the Assessing Officer of the donors. en-us Fri, 05 Apr 2013 00:00:00 +0530 Mon, 13 May 2013 12:29:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=233721 The Tribunal allowed the appeal, ruling in favor of the assessee and deleting the addition of unexplained gifts. The Tribunal held that the assessee had discharged its onus by proving the genuineness of the gifts and the creditworthiness of the donors. Emphasizing the importance of verifying transactions and not doubting genuine transactions without proper inquiry, the Tribunal relied on the evidence provided by the assessee and legal principles highlighted in a case law of the Calcutta High Court. The Tribunal concluded that additions cannot be made in the absence of proper inquiry from the Assessing Officer of the donors. Case-Laws Income Tax Fri, 05 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=233721