https://www.taxtmi.com/caselaws?id=59636 The Revenue's appeal against the deletion of the addition of Rs. 7 lakhs under section 68 of the Act was dismissed. The CIT(A) found the gift received by the assessee to be genuine based on supporting documents and evidence, including the relationship between the parties and the donor's creditworthiness. The delay in executing the gift deed was deemed irrelevant to the gift's genuineness. The Tribunal upheld the CIT(A)'s decision, noting that the statement recorded from the assessee showed signs of mental coercion, which did not invalidate the genuineness of the gift. The appeal by the Revenue was dismissed. en-us Tue, 06 May 2008 00:00:00 +0530 Tue, 07 Aug 2012 13:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59636 The Revenue's appeal against the deletion of the addition of Rs. 7 lakhs under section 68 of the Act was dismissed. The CIT(A) found the gift received by the assessee to be genuine based on supporting documents and evidence, including the relationship between the parties and the donor's creditworthiness. The delay in executing the gift deed was deemed irrelevant to the gift's genuineness. The Tribunal upheld the CIT(A)'s decision, noting that the statement recorded from the assessee showed signs of mental coercion, which did not invalidate the genuineness of the gift. The appeal by the Revenue was dismissed. Case-Laws Income Tax Tue, 06 May 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59636