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2016 (8) TMI 263 - ITAT DELHIUndisclosed gift receipts - creditworthiness and genuineness - Held that:- Before the ld Assessing Officer assessee could not satisfactorily explained the doubts raised by the Assessing Officer about the genuineness of the transaction. As the assessee could not prove the creditworthiness of the Sh. Jagdish Mangala and genuineness of the transaction before the ld Assessing Officer and further the ld CIT(A) has deleted the addition without giving any reason and merely relying on some other orders and not examining the current impugned transaction of the gift. According to us the assessee has failed to prove the creditworthiness and genuineness of the transaction of gift received from Mr. Jagdish Mangala, we reverse the order of the ld CIT (A) in deleting the above addition of ₹ 20 lacs as gift from Sh. Jagdish Mangala. - Decided against assessee
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