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2016 (11) TMI 742 - AT - Income TaxAddition u/s 68 - genuineness of the gifts - Held that:- CIT(A) while deleting the addition has noted that the persons who have advanced the amount to the assessee are assessed to tax and their PANs were furnished to the AO during the assessment proceedings, the advances have been received through banking channels, copy of the income tax returns of the Director were also furnished along with copy of foreign inward remittance in support of the gifts received were filed. Ld.CIT(A) has held that the aforesaid documents establishes the identity, creditworthiness and genuineness of the transactions. He has further noted that Director who had advanced to the assessee are assessed to tax, the gifts received have been declared in the return of income. He has further noted that if the AO doubted the genuineness of the gifts, the same could have been examined in the individuals’ hands but no such exercise was undertaken by AO. The ld.CIT(A) has thus given a finding that assessee has discharged the onus cast upon the assessee as per the requirement of section 68 of the Act. Before us, Revenue has not placed any material on record to controvert the findings of the ld.CIT(A). - Decided in favour of assessee
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