https://www.taxtmi.com/highlights?id=65157 Addition u/s 68 - gift received from mother-in-law - Once the gift is treated as genuine, it is immaterial what the assessee does with that money thereafter. - Since the assessee in the instant case has provided the identify and creditworthiness of the donor and the genuineness of the transaction, therefore, the addition made by the Assessing Officer and sustained by the learned CIT (A) received as gift from her mother-in-law, in our opinion, cannot be sustained. - AT en-us Thu, 18 Aug 2022 17:55:04 +0530 Thu, 18 Aug 2022 17:55:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=65157 Addition u/s 68 - gift received from mother-in-law - Once the gift is treated as genuine, it is immaterial what the assessee does with that money thereafter. - Since the assessee in the instant case has provided the identify and creditworthiness of the donor and the genuineness of the transaction, therefore, the addition made by the Assessing Officer and sustained by the learned CIT (A) received as gift from her mother-in-law, in our opinion, cannot be sustained. - AT Highlights Income Tax Thu, 18 Aug 2022 17:55:04 +0530 https://www.taxtmi.com/highlights?id=65157