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2014 (6) TMI 365 - AT - Income TaxAddition of gift u/s 68 of the Act - Proof of bank extract not considered – Admission of additional evidence -Held that:- FAA was of the view that in order to prove the creditworthiness the assessee had made an attempt to prove the source of the drafts purchased, that evidence was not produced before AO and an additional evidence which could not be admitted unless assessee showed some reasonable cause for not submitting the same before the AO, that no situation had been brought before him - assessee contended that daughter of the assessee had gifted a sum of Rs.5.87 lakhs, that all necessary evidences were produced before the AO/FAA, that additional evidences produced by the assessee would through light on the genuineness and creditworthiness of the donor, that FAA had refused to admit additional evidences that were vital and had direct bearing on the outcome of the appeal - additional evidences produced by the assessee would have bearing on the outcome of the appeal - as the AO/FAA did not have benefit of these documents at the time of hearing – thus, the matter is required to be remitted back to the FAA for fresh adjudication – Decided partly in favour of Assessee.
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