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2020 (9) TMI 1040 - AT - Income TaxAddition u/s 68 - CIT(A) upheld the order of the AO observing that the Assessee failed to establish the credit worthiness of his son in law and mere furnishing of confirmation letters and copy of gift deed was not sufficient to discharge the onus that lies on the Assessee - HELD THAT:- In the light of the order of assessment for AY: 2012-13 passed in the case of the Assessee accepting the genuineness of the loan given by the Assessee’s son-in-law to the Assessee, the source, capacity and genuineness of the gift of the very same sum in the AY: 2015-16 stands established. The only reason assigned by the revenue authorities for rejecting the plea of the Assessee in AY: 2015-16 is that the credit worthiness and source of income of Assessee’s son-in-law has not been established. The gift by the Assessee’s son-in-law has never been disputed nor disbelieved. Since the AO has accepted the credit worthiness of the Assessee’s son-in-law in Assessee’s assessment for AY: 201-13, we are of the view that the sum in question which was added as unexplained u/s 68 of the Act for AY: 2015-16 has to be deleted - Decided in favour of assessee.
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