A Transaction not become Genuine merely for receipt via banking Channel

Shri M.Balakrishna Hegde Vs DCIT (ITAT Bangalore) The issue under consideration is whether AO is correct in considering the gift received by the assessee as unexplained gift and made addition u/s 68 when the Gift was received through banking channels? In the present case, Assessee has received gifts. AO treated the same as unexplained credit under section 68 on the ground that assessee not able to prove the source and creditworthiness of donor. Assessee challenged this on the ground that money had come through banking channels hence it is genuine. ITAT states that regarding these gifts, assess...