https://www.taxtmi.com/caselaws?id=426503 The appeal filed by the assessee was allowed. The Tribunal set aside the additions made by the Assessing Officer and sustained by the Commissioner of Income Tax (Appeals) regarding both the Rs. 1 crore gift received from the mother-in-law and the Rs. 1,00,419/- share of profit from the partnership firm. The Tribunal emphasized the importance of establishing the identity, creditworthiness, and genuineness of transactions, and upheld the statutory exemptions provided under the Income Tax Act. en-us Thu, 28 Jul 2022 00:00:00 +0530 Thu, 18 Aug 2022 17:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426503 The appeal filed by the assessee was allowed. The Tribunal set aside the additions made by the Assessing Officer and sustained by the Commissioner of Income Tax (Appeals) regarding both the Rs. 1 crore gift received from the mother-in-law and the Rs. 1,00,419/- share of profit from the partnership firm. The Tribunal emphasized the importance of establishing the identity, creditworthiness, and genuineness of transactions, and upheld the statutory exemptions provided under the Income Tax Act. Case-Laws Income Tax Thu, 28 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426503