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2011 (7) TMI 1022 - ITAT CHENNAIUndisclosed investment u/s 69 - Gift received from father - Held that:- transaction of alleged gift is not even through bank or banking channel and he was not able to explain or substantiate appropriately the source, before the Assessing Officer, about the transaction in question or before the learned Commissioner of Income-tax (Appeals) also, the assessee has not been able to substantiate his claim, when law requires that the mere identification of the donor and even receipt of the gift amount through banking channel was not sufficient to prove the genuineness of the gift and that apart, the source of income of the said donor, who alleged to have gifted the amount to the assessee's father, or how that person did bring such amount in India as he is stated to be in foreign country was not explained nor have any relevant documents in this regard ever been filed - assessee has miserably failed to substantiate its claim of having either received the part amount of the said transaction in gift and has also not even been able to establish that he could himself accumulate such huge amount from the sources disclosed, therefore, in our view, the authorities below are fully justified in making/confirming the disallowance in the amount of Rs. 6,00,000, found to be credited in the assessee's bank account - Decided against assessee.
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