ITAT upholds addition for allegedly Gift from father-in-law

Sujeet Kumar Vs ITO (ITAT Delhi)

ITAT upholds addition for allegedly Gift from father-in-law

Briefly the fact are, in course of assessment proceedings, the Assessing Officer noticed that the assessee has shown gift of Rs. 2,50,000/-, allegedly received from father-in-law. When the assessee was called upon to prove the identity, creditworthiness and genuineness of the gift with cogent evidence, the assessee failed to do so. Therefore, the Assessing Officer treated the amount as unexplained cash credit under section 68 of the Act and added back to the income of the assessee. I

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