Addition towards unexplained credit not sustained as source of credit duly explained

Jignesh Kanubhai Patel Vs ACIT (ITAT Ahmedabad)

ITAT Ahmedabad held that addition u/s 68 of the Income Tax Act towards unexplained credit unsustainable as the assessee has been able to reasonably explain the source of gift from his mother.

Facts- During the year under consideration, AO observed that there was an increase in the capital from ₹ 14,88,157/- to ₹ 28,77,899/-. On being requisitioned by the AO, the assessee submitted that the capital of the current year incl

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