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2014 (8) TMI 680 - HC - Income TaxForeign gifts received - Whether the Tribunal was correct in law in deleting the additions allegedly received by the assessees as foreign gifts – Held that:- Narinder Kumar Sekhri had received foreign gifts from one S. P. Amar with whom he had no relation while the other donor Mohinder Handa was his brother's brother-in-law - the donee, Chaman Lal Sekhri, received foreign remittance from Mohinder Handa who is his son-in-law while Subhash Chander Sekhri is brother-in-law of Mohinder Handa - search and seizure operation was conducted on the firms of the assessees, but at the same time the AO took into account the fact that the assessee still kept on investing in land year after year – the family had adopted a modus operandi of creation of capital by the NRI gifts without there being any occasion, the gifts cannot be held to be genuine transaction - Relying upon CIT v. Udham Singh and Sons, decided on December 20, 2013, [2014 (3) TMI 467 - PUNJAB AND HARYANA HIGH COURT] – NRI gift could not be accepted as genuine unless the assessee was able to prove natural love and affection and financial capacity of the donor – The order of the Tribunal set aside - Decided in favour of Revenue.
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