No addition u/s 68 for gift from close relative who confirms the gift and was man of means

HIGH COURT OF ANDHRA PRADESH Commissioner of Income-tax Versus Dr. Kodela Siva Prasada Rao ITTA NO. 499 OF 2012 ITTASR No. 3717 OF 2010 NOVEMBER 20, 2012 JUDGMENT M.S. Ramachandra Rao, J. This appeal is filed under Section 260-A of the Income Tax Act, 1961 (for short ‘the Act’) by the Revenue challenging the order dated 29-06-2010 in I.T.A.No.677/Vizag/2008 of the Income Tax Appellate Tribunal, Visakhapatnam relating to the assessment year 2003-04. 2. The respondent/assessee, an ex-MLA and an Ex-Minister filed his return of income on 08-10-2003 for the assessment y...