https://www.taxtmi.com/caselaws?id=325054 ITAT MUMBAI - AT held that Section 56 and Section 68 operate in different fields: Section 56 grants exemption for certain receipts while Section 68 places onus on the assessee to explain cash credits and establish identity and creditworthiness of donors. The AO failed to make requisite enquiries into a Rs.1.48 crore gift from a maternal relative and merely accepted the assessee's submissions. Pr. CIT rightly invoked revision u/s 263 directing the AO to make proper enquiry and reframe the assessment. Decision against the assessee. en-us Wed, 30 Dec 2015 00:00:00 +0530 Sat, 27 Sep 2025 10:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325054 ITAT MUMBAI - AT held that Section 56 and Section 68 operate in different fields: Section 56 grants exemption for certain receipts while Section 68 places onus on the assessee to explain cash credits and establish identity and creditworthiness of donors. The AO failed to make requisite enquiries into a Rs.1.48 crore gift from a maternal relative and merely accepted the assessee's submissions. Pr. CIT rightly invoked revision u/s 263 directing the AO to make proper enquiry and reframe the assessment. Decision against the assessee. Case-Laws Income Tax Wed, 30 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325054