https://www.taxtmi.com/caselaws?id=777945 ITAT (Mumbai) allowed the assessee's appeal and upheld the CIT(A)'s deletion of an addition made by the AO under s.68. The Tribunal found that the three conditions under s.68 - identity of donors, genuineness of transactions, and creditworthiness - were satisfied: donors were identifiable and assessed, gifts routed through banking channels with written deeds, repayments to donors established the source of funds, and donors corroborated the gifts in response to s.133(6) notices. The AO's disbelief based solely on donors' modest declared income was held legally untenable. en-us Mon, 25 Aug 2025 00:00:00 +0530 Mon, 08 Sep 2025 13:37:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777945 ITAT (Mumbai) allowed the assessee's appeal and upheld the CIT(A)'s deletion of an addition made by the AO under s.68. The Tribunal found that the three conditions under s.68 - identity of donors, genuineness of transactions, and creditworthiness - were satisfied: donors were identifiable and assessed, gifts routed through banking channels with written deeds, repayments to donors established the source of funds, and donors corroborated the gifts in response to s.133(6) notices. The AO's disbelief based solely on donors' modest declared income was held legally untenable. Case-Laws Income Tax Mon, 25 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777945