https://www.taxtmi.com/caselaws?id=243473 The Tribunal upheld the addition of Rs. 8,76,000 under section 68 of the Income Tax Act, as the genuineness and creditworthiness of the donors were not established, evidenced by inconsistencies in income tax returns and the capacity to gift. The Tribunal emphasized the necessity of a genuine relationship between donors and donees to justify substantial gifts, which was lacking in this case. Citing legal precedents, the Tribunal dismissed the appeals, aligning with the Apex Court's ruling that unexplained credits should be treated as income if explanations are unsatisfactory. en-us Wed, 15 Jan 2014 00:00:00 +0530 Wed, 20 Aug 2014 17:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243473 The Tribunal upheld the addition of Rs. 8,76,000 under section 68 of the Income Tax Act, as the genuineness and creditworthiness of the donors were not established, evidenced by inconsistencies in income tax returns and the capacity to gift. The Tribunal emphasized the necessity of a genuine relationship between donors and donees to justify substantial gifts, which was lacking in this case. Citing legal precedents, the Tribunal dismissed the appeals, aligning with the Apex Court's ruling that unexplained credits should be treated as income if explanations are unsatisfactory. Case-Laws Income Tax Wed, 15 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243473