https://www.taxtmi.com/caselaws?id=751847 ITAT Surat upheld addition under section 68 for unexplained cash credit from alleged sale of gold ornaments and diamonds inherited through grandmother's will. The tribunal found the will concocted due to multiple inconsistencies including contradictory ages, disproportionate gifts to grandson versus other children, lack of supporting documents, absence of probate, and failure to declare valuable assets in returns for 17 years. The assessee failed to establish creditworthiness, genuineness of transaction, and identity requirements under section 68, as grandmother was housewife with no proven income source or asset ownership evidence. en-us Wed, 24 Apr 2024 00:00:00 +0530 Fri, 26 Apr 2024 23:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751847 ITAT Surat upheld addition under section 68 for unexplained cash credit from alleged sale of gold ornaments and diamonds inherited through grandmother's will. The tribunal found the will concocted due to multiple inconsistencies including contradictory ages, disproportionate gifts to grandson versus other children, lack of supporting documents, absence of probate, and failure to declare valuable assets in returns for 17 years. The assessee failed to establish creditworthiness, genuineness of transaction, and identity requirements under section 68, as grandmother was housewife with no proven income source or asset ownership evidence. Case-Laws Income Tax Wed, 24 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751847