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2023 (12) TMI 583 - ITAT RAJKOTAddition u/s 68 - Gift received from the brother treated as undisclosed income - creditworthiness for the gift was not proved based on financial capacity of the donor - assessee in response to such gift has filed the copy of PAN of his brother, copy of computation of income and freshly made gift letters - AO found that the income of the brother is not sufficient to grant such a huge amount of gift to the assessee - HELD THAT:- We note that the assessee has furnished details such as copy of gift letter, capital account, bank statement, PAN and return of income of the donor and cash book and bank statement of the assessee which are available on record. On perusal of the cash book of the assessee, we note that there was sufficient cash available with the assessee which was arising out of withdrawal from the bank account. Thus, it can be safely concluded that there was sufficient cash available with the assessee to advance the gift to his brother. This fact has also not been disputed by the authorities below. It is equally important to note that the assessee first has received part of the gift before giving any gift to his brother in cash but what we find is this that there was sufficient fund available in the bank account of the brother and therefore it cannot be said that such gift could be given to the assessee out of unaccounted income. Admittedly, the cross transaction between the brothers can create a suspicious but that doubt cannot be treated as gospel truth. As such, it is the onus upon the revenue to prove the allegation framed by it against the assessee. But, from the preceding discussion, we note that the assessee has furnished the necessary evidence, discussed above, to justify the gift received from the brother, therefore, no addition in the given case is warranted. We direct the AO to delete the addition made by him. Ground of appeal of the assessee is allowed.
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