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2022 (11) TMI 238 - AT - Income TaxAddition on account of explained cash credits u/s.68 - accepting a gift from a relative - Whether relationship as explained u/s. 56(2)(v) of the Act fits into the facts of the case? - A.O. held that the assessee failed to provide source of investment into shares by his NRI brother, which eventually the assessee is getting in the form of gift - onus is not established and assessee’s gift to the nieces has no logic - HELD THAT:- Assessee received the gift from his own brother who is a Non-Resident from the year 1966. The allotment of shares were made under NRI quota to the assessee’s brother in USA. Thus the source and genuineness is being proved beyond doubt, the assessee having received the above gifts from his brother, who is as per the Explanation 2 to Section 56(2)(v) of the Act, there need not be any “occasion” for receipt of gift by the assessee. In our considered opinion, the whole approach of the A.O. is wholly perverse which cannot be sustained in law and therefore the deletion by the Ld. CIT(A) does not require any interference. Thus the Grounds raised by the Revenue are without merits and the same are liable to be rejected.
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