https://www.taxtmi.com/caselaws?id=340239 A gift credited through bank transfer from a brother did not automatically qualify for exclusion under Section 56(2) of the Income-tax Act because the assessee still had to satisfy the burden under Section 68 by proving the donor's identity, the genuineness of the transaction and the donor's creditworthiness. Identity was established, but no material was produced to support genuineness or creditworthiness. Mere routing through banking channels and later use of the money was insufficient to explain the nature and source of the credit. The authorities were therefore justified in treating the sum as unexplained income and making the addition. en-us Tue, 07 Mar 2017 00:00:00 +0530 Tue, 01 Aug 2017 10:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340239 A gift credited through bank transfer from a brother did not automatically qualify for exclusion under Section 56(2) of the Income-tax Act because the assessee still had to satisfy the burden under Section 68 by proving the donor's identity, the genuineness of the transaction and the donor's creditworthiness. Identity was established, but no material was produced to support genuineness or creditworthiness. Mere routing through banking channels and later use of the money was insufficient to explain the nature and source of the credit. The authorities were therefore justified in treating the sum as unexplained income and making the addition. Case-Laws Income Tax Tue, 07 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340239