The assessee received gifts from his sisters, one in cash out of the sale proceeds of property and another by cheque from funds available in the donor’s bank account. The Tribunal held that the assessee had produced the registered sale deed, confirmations, gift declarations and the donor’s bank statements establishing the identity of the donors, their creditworthiness and the genuineness of the transactions. Merely because one donor was not subjected to a scrutiny assessment could not be a ground to doubt her financial capacity. Since all three ingredients of section 68 stood duly established, the gifts were held to be genuine, and the additions made by the Assessing Officer were deleted. (AY. 2016-17.)<\/p>\n","protected":false},"excerpt":{"rendered":"
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