Case Law Details
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. In absence of any credible evidence, learned first appellate authority confirmed the addition.
Having considered the submissions of learned Departmental Representative that the assessee has not furnished any cogent evidence to prove the alleged receipt of gift from father-in-law, ITAT decline to interfere with the decision of learned first appellate authority.
FULL TEXT OF THE ORDER OF ITAT DELHI
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