No addition for Gift from daughter if Assessee proves identity, genuineness & creditworthiness

Padmalatha Tama Vs ITO (ITAT Hyderabad)

The assessee has received gift from her daughter. The AO has verified the details of this transaction by asking the assessee to file the bank statement and confirmation from her. The same was filed before the AO. The transaction was done by T. Veena only through banking channel. Ms. T. Veena also filed the sources for the funds received by her i.e. she had taken loan from Mr. P. Srinu Babu and P. Rajendra. As far as, assessee is concerned, the identity, creditworthiness and genuineness

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