Addition justified for huge gifts on failure to prove genuineness

Kamlesh Parwani Vs ITO (ITAT Mumbai) In this case Assessee miserably failed to prove the genuineness of the stated gifts. It is evident from the order of lower authorities that the assessee could only prove the identity of the donor but failed to establish the creditworthiness and genuineness of the gifts with cogent material. The donors had no relationship with the assessee and despite that huge gifts were received by the assessee as well as his other family members during impugned AY. Therefore we have no hesitation in confirming the stand of Ld. first appellate authority. 6. Resultantly, th...