ITAT restricts disallowances to 10% in absence of sufficient documentary evidences

Dheeraj Thakran Vs ITO (ITAT Delhi) Conclusion: Since the gifts in the instant case were received from parents, brother and spouse, respectively and the father had withdrawn substantial cash amount from the bank before giving the gift on various dates to his son and the gifts from brother, from mother and from spouse were not huge amounts, therefore, doubting the genuineness of such gifts received from blood relations was not justified. Accordingly, the source deposited in the bank to be out of gifts was accepted.  Since assessee undoubtedly, was a gym trainer and had received rental income f...