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2018 (5) TMI 1596 - AT - Income TaxAddition u/s 68 - assessee received gift from her daughter - whether AO and CIT(A) have doubted the creditworthiness of assessee’s daughter or assessee? - Held that:- It is irrelevant for the assessee to prove as the assessee has brought on record not only the source but source of source also. It is for the revenue to initiate proceedings in the case of T. Veena, if they are not satisfied with the submission of Ms. T. Veena. As far as the assessee is concerned, she had received the gift from her daughter through banking channel, hence, she has proved identity and genuineness of the transaction and for creditworthiness, she had brought on record the bank statement & PAN of her daughter. Therefore, assessee has discharged her part of duty. The sum received as gift from a close relative who was man of means and who had also confirmed the said transaction, could not be added as cash credit - See CIT Vs. Dr. Kodela Siva Prasada Rao [2013 (1) TMI 232 - ANDHRA PRADESH HIGH COURT] - Decided in favour of assessee
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