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Bhimanna Shrinivasa Rao v. ITO ( 2020) The Chamber’s Journal – May – P. 90 ( Vishakha) (Trib)

S.68: Cash credits – Gift received by son- Source of cash deposits were explained – Addition cannot be made on the suspicion that source of source is doubtful.

Allowing the appeal of the assessee the Tribunal held that  once the assessee has discharged his burden by placing evidence with respect of gift to his son  , the AO is not free to make an addition as cash credit  merely because he is not satisfied  with the source of the source . (ITA No. 76 /Viz/ 2019 dt 4-3 -2020 ) (AY. 2015 -16)