Failure to prove Identity, Creditworthiness and Genuineness of receipt of Gift: ITAT upholds Addition made u/s 68 of IT Act [Read Order]

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The two member bench of Delhi Income Tax Appellate Tribunal ( ITAT ) comprising Saktijit Dey, (Vice-President) and  M. Balaganesh, (Accountant Member) while upholding the addition made under Section 68 of the Income Tax Act, 1961  observed that the assessee failed to prove identity ,creditworthiness and genuineness of receipt of Gift received from father in…

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