https://www.taxtmi.com/caselaws?id=335142 The appeal was allowed by the ITAT. The disallowance of a gift of Rs. 10,00,000 was sent back to CIT(A) for fresh consideration. The addition of Rs. 1,00,000 and unexplained cash credit of Rs. 5,49,500 were deleted. The ITAT found the donors' identities undisputed and creditworthiness established. Documents supported the genuineness of transactions. The ITAT disagreed with CIT(A)'s classification under section 56(2)(v) and suggested a review under section 56(2)(vi). Cash deposits objections were overruled due to reasonable explanations for withdrawals. en-us Fri, 30 Sep 2016 00:00:00 +0530 Sat, 26 Nov 2016 10:32:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335142 The appeal was allowed by the ITAT. The disallowance of a gift of Rs. 10,00,000 was sent back to CIT(A) for fresh consideration. The addition of Rs. 1,00,000 and unexplained cash credit of Rs. 5,49,500 were deleted. The ITAT found the donors' identities undisputed and creditworthiness established. Documents supported the genuineness of transactions. The ITAT disagreed with CIT(A)'s classification under section 56(2)(v) and suggested a review under section 56(2)(vi). Cash deposits objections were overruled due to reasonable explanations for withdrawals. Case-Laws Income Tax Fri, 30 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335142