Section 68 addition deleted where identity, genuineness and creditworthiness shown by bank trails, gift deeds, loan repayments, s.133(6) replies

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....ITAT upheld the order of the CIT(A) and allowed the assessee's appeal, directing deletion of the addition made by the AO under s. 68. The Tribunal found that the three statutory requisites-identity of creditors, genuineness of transactions, and creditworthiness-were satisfactorily established by proximate banking trails, written gift deeds, prior loan repayments as the direct source of funds, and direct responses from the donors to s. 133(6) notices. The AO's reliance on modest declared incomes alone was held legally unsustainable; where documentary and third-party corroboration demonstrates possession of adequate funds, adverse inference is unwarranted. The appeal was allowed.....