https://www.taxtmi.com/caselaws?id=448515 The ITAT Surat dismissed the Revenue's appeal against deletion of addition u/s 68. The assessee received a gift of Rs. 10.93 crore from a Belgian national brother through NRE account. The AO added this amount as unexplained income citing unverifiable donor address and lack of evidence. The CIT(A) deleted the addition after establishing donor's identity through notarized gift deed, creditworthiness via foreign balance sheet showing Rs. 86.12 crore capital, and genuineness through proper banking channels from Emirates NBD to Axis Bank NRE account. The ITAT upheld CIT(A)'s decision, noting PO Box addresses are common abroad and the AO failed to verify the provided Dubai address. en-us Wed, 17 Jan 2024 00:00:00 +0530 Fri, 19 Jan 2024 16:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448515 The ITAT Surat dismissed the Revenue's appeal against deletion of addition u/s 68. The assessee received a gift of Rs. 10.93 crore from a Belgian national brother through NRE account. The AO added this amount as unexplained income citing unverifiable donor address and lack of evidence. The CIT(A) deleted the addition after establishing donor's identity through notarized gift deed, creditworthiness via foreign balance sheet showing Rs. 86.12 crore capital, and genuineness through proper banking channels from Emirates NBD to Axis Bank NRE account. The ITAT upheld CIT(A)'s decision, noting PO Box addresses are common abroad and the AO failed to verify the provided Dubai address. Case-Laws Income Tax Wed, 17 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448515