https://www.taxtmi.com/caselaws?id=267925 The Tribunal upheld the Assessing Officer's decision to treat a gift of Rs. 15 lacs as unexplained cash credit under Section 68 of the Income Tax Act, 1961. The CIT(A)'s deletion of the addition was reversed, as the assessee failed to sufficiently prove the genuineness and creditworthiness of the gift. Despite the assessee's arguments regarding the relationship with the donor, the Tribunal found the explanation lacking credibility. The Tribunal ruled in favor of the Revenue, allowing both appeals and upholding the addition of Rs. 15 lacs as unexplained cash credits. en-us Wed, 30 Sep 2015 00:00:00 +0530 Sat, 30 Apr 2016 11:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267925 The Tribunal upheld the Assessing Officer's decision to treat a gift of Rs. 15 lacs as unexplained cash credit under Section 68 of the Income Tax Act, 1961. The CIT(A)'s deletion of the addition was reversed, as the assessee failed to sufficiently prove the genuineness and creditworthiness of the gift. Despite the assessee's arguments regarding the relationship with the donor, the Tribunal found the explanation lacking credibility. The Tribunal ruled in favor of the Revenue, allowing both appeals and upholding the addition of Rs. 15 lacs as unexplained cash credits. Case-Laws Income Tax Wed, 30 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267925