https://www.taxtmi.com/caselaws?id=773801 ITAT Ahmedabad dismissed revenue's appeal against CIT(A)'s deletion of additions under section 68 for unexplained capital account difference and diamond sale proceeds. The assessee provided valid gift deed from husband with supporting documents including PAN card proving donor's identity and creditworthiness. Regarding diamonds not recorded in earlier balance sheet, assessee explained inadvertent omission and substantiated with balance sheet copies and LTCG offered on sales. For unaccounted sale proceeds, assessee furnished buyer-wise reconciliation with bank entries, PAN details, and confirmation letters for 49 parties. AO failed to establish any buyer as non-genuine or payments as bogus. Court held that once assessee provides satisfactory explanation with supporting evidence, burden shifts to department to rebut with cogent materials, which was not done. en-us Fri, 23 May 2025 00:00:00 +0530 Sat, 28 Jun 2025 08:31:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773801 ITAT Ahmedabad dismissed revenue's appeal against CIT(A)'s deletion of additions under section 68 for unexplained capital account difference and diamond sale proceeds. The assessee provided valid gift deed from husband with supporting documents including PAN card proving donor's identity and creditworthiness. Regarding diamonds not recorded in earlier balance sheet, assessee explained inadvertent omission and substantiated with balance sheet copies and LTCG offered on sales. For unaccounted sale proceeds, assessee furnished buyer-wise reconciliation with bank entries, PAN details, and confirmation letters for 49 parties. AO failed to establish any buyer as non-genuine or payments as bogus. Court held that once assessee provides satisfactory explanation with supporting evidence, burden shifts to department to rebut with cogent materials, which was not done. Case-Laws Income Tax Fri, 23 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773801