Section 68: Assessee's Claim of Gifted Initial Finance from Father Deemed Reasonable; Genuineness and Creditworthiness Established.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Addition u/s 68 - it would be reasonable to believe the contention of the assessee of having received the initial finance from his father by way of a gift - Therefore, the genuineness of the transaction and also the creditworthiness of the father has been established.....