https://www.taxtmi.com/caselaws?id=272787 The Tribunal upheld the deletion of Rs. 10,80,000 as unexplained cash credit under section 68 of the Income-tax Act. The assessee successfully proved the genuineness of the gift received from his mother, who had declared the source as the sale of jewelry under VDIS. The Tribunal found that the Assessing Officer failed to establish any nexus to contradict the source of the gift and did not conduct further investigations. Therefore, the Tribunal dismissed the revenue's appeal, supporting the assessee's position. en-us Fri, 18 May 2012 00:00:00 +0530 Thu, 17 May 2018 18:16:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272787 The Tribunal upheld the deletion of Rs. 10,80,000 as unexplained cash credit under section 68 of the Income-tax Act. The assessee successfully proved the genuineness of the gift received from his mother, who had declared the source as the sale of jewelry under VDIS. The Tribunal found that the Assessing Officer failed to establish any nexus to contradict the source of the gift and did not conduct further investigations. Therefore, the Tribunal dismissed the revenue's appeal, supporting the assessee's position. Case-Laws Income Tax Fri, 18 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272787