Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2008 (5) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2008 (5) TMI 664 - HC - Income TaxGift received from Swiss national - relationship and creditworthiness of the donor not established - all the three authorities have rejected the explanation of the assessee - HELD THAT:- We are not convinced that the transaction is above board. We have in particular considered the quantum of the gifts, the fact that there is inadequate material to show the resources or finances of the Swiss national: there is no apparent reason for the assessee being showered with gifts by a person who is stated to be only a family friend and that the same family friend has showered gifts of an enormous amount on several other persons as well. Therefore, we do not find any perversity shown in the conclusion arrived at by the Tribunal on the facts of this case. No substantial question of law arises in this regard.
|