https://www.taxtmi.com/caselaws?id=752339 ITAT Mumbai upheld CIT(A)'s deletion of addition u/s 68 regarding unexplained gifts totaling Rs. 1,00,35,000 received from family members. The tribunal found that gifts from assessee's brother (Rs. 97,35,000), mother (Rs. 1,50,000), sister (Rs. 1,50,000), and father's HUF were genuine based on established identity, creditworthiness, and genuineness. Brother's income of Rs. 37,48,84,100 supported his creditworthiness for the substantial gift. Mother's and sister's incomes justified their respective gifts. Father's HUF showed adequate cash and income. AO failed to provide contrary evidence or proper reasoning for additions. Appeal decided in favor of assessee. en-us Mon, 06 May 2024 00:00:00 +0530 Wed, 08 May 2024 14:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752339 ITAT Mumbai upheld CIT(A)'s deletion of addition u/s 68 regarding unexplained gifts totaling Rs. 1,00,35,000 received from family members. The tribunal found that gifts from assessee's brother (Rs. 97,35,000), mother (Rs. 1,50,000), sister (Rs. 1,50,000), and father's HUF were genuine based on established identity, creditworthiness, and genuineness. Brother's income of Rs. 37,48,84,100 supported his creditworthiness for the substantial gift. Mother's and sister's incomes justified their respective gifts. Father's HUF showed adequate cash and income. AO failed to provide contrary evidence or proper reasoning for additions. Appeal decided in favor of assessee. Case-Laws Income Tax Mon, 06 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752339