https://www.taxtmi.com/caselaws?id=279829 The Tribunal allowed the appeal, overturning the addition of cash gifts under section 68 of the Income Tax Act, 1961. The Tribunal emphasized that once the identity of the creditor, their capacity to lend, and the genuineness of the transaction are established, the burden shifts to the department. As the donors' capacity had been accepted, delving into their sources was deemed unwarranted. Therefore, the addition under section 68 was unsustainable and directed to be deleted, in favor of the assessee. en-us Fri, 16 Sep 2016 00:00:00 +0530 Mon, 08 Apr 2019 00:39:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279829 The Tribunal allowed the appeal, overturning the addition of cash gifts under section 68 of the Income Tax Act, 1961. The Tribunal emphasized that once the identity of the creditor, their capacity to lend, and the genuineness of the transaction are established, the burden shifts to the department. As the donors' capacity had been accepted, delving into their sources was deemed unwarranted. Therefore, the addition under section 68 was unsustainable and directed to be deleted, in favor of the assessee. Case-Laws Income Tax Fri, 16 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279829