https://www.taxtmi.com/caselaws?id=433509 The ITAT ruled in favor of the assessee, directing the deletion of the additions made by the Assessing Officer regarding the disallowance of gifts received under section 56(2) of the Income-tax Act, 1961 for A.Y. 2014-15. The ITAT emphasized the importance of proper verification and thorough enquiry before disallowing such gifts, stating that mere presumption without proper investigation is not sustainable in law. en-us Fri, 06 Jan 2023 00:00:00 +0530 Tue, 31 Jan 2023 09:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433509 The ITAT ruled in favor of the assessee, directing the deletion of the additions made by the Assessing Officer regarding the disallowance of gifts received under section 56(2) of the Income-tax Act, 1961 for A.Y. 2014-15. The ITAT emphasized the importance of proper verification and thorough enquiry before disallowing such gifts, stating that mere presumption without proper investigation is not sustainable in law. Case-Laws Income Tax Fri, 06 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433509