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2007 (3) TMI 223 - HC - Income TaxAddition u/s 68 - Gifts received - Failure to discharge onus of proving the credit-worthiness - Tribunal deleted the addition on account of gifts alleged to have been received - HELD THAT:- There is nothing on record to show as to what was the financial capacity of the donors; what was the credit-worthiness of the donors; what kind of relationship the donors had with the assessee; what are the sources of funds gifted to the assessee and whether they had the capacity of giving large amount of gift to the assessee. Further, the assessee was asked to appear in person before the Assessing Officer, however, he never appeared. Since, the assessee did not prove the genuineness of the transaction nor he established the identity of the donor, nor the capacity of donor to make gift, as such the Income-tax Appellate Tribunal was wrong in deleting the addition on account of gift alleged to have been received by the assessee. Accordingly, the present appeal filed by the Revenue is accepted and the impugned order passed by the Income-tax Appellate Tribunal is set aside. The substantial question of law is answered in the negative, in favour of the Revenue and against the assessee.
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