Sec. 68 Mere Establishing Identity of Creditors is not sufficient

The issue raised in this appeal is confined to assessment of an amount of ₹ 1,66,01,834/- as the income of the assessee on the ground that he failed to prove the genuineness of the transaction and the capacity of the donor, his brother, to advance the money as required under Section 68 of the Income Tax Act. ITAT Held that genuineness of the transaction and the creditworthiness of the creditor ought to have been proved by the assessee by producing necessary documents with respect to the monetary ability of the creditor to make such substantial gifts to the assessee. Although it is seen from ...