https://www.taxtmi.com/caselaws?id=446899 ITAT Rajkot allowed the appeal and directed deletion of addition under section 68. The assessee received a gift from brother which AO treated as undisclosed income due to insufficient financial capacity of donor. However, ITAT found assessee provided adequate evidence including gift letter, bank statements, PAN, income returns, and cash book showing sufficient funds were available with both parties. Despite cross-transactions creating suspicion between brothers, ITAT held revenue failed to prove allegations and assessee successfully justified the gift's genuineness and creditworthiness of donor. en-us Wed, 06 Dec 2023 00:00:00 +0530 Thu, 14 Dec 2023 08:29:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446899 ITAT Rajkot allowed the appeal and directed deletion of addition under section 68. The assessee received a gift from brother which AO treated as undisclosed income due to insufficient financial capacity of donor. However, ITAT found assessee provided adequate evidence including gift letter, bank statements, PAN, income returns, and cash book showing sufficient funds were available with both parties. Despite cross-transactions creating suspicion between brothers, ITAT held revenue failed to prove allegations and assessee successfully justified the gift's genuineness and creditworthiness of donor. Case-Laws Income Tax Wed, 06 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446899