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2011 (8) TMI 12 - HC - Income TaxGifts - Gift received through cheque in kind in form of Immovable assets - genuiness of gift - love and affection - cash credit - addition u/s 68 read with section 56(1) - Held that: - There are pure findings of facts recorded by the two authorities below on the basis of evidence adduced which was sufficient to discharge the onus as well as burden caused upon her by proving the identity of donors, their credit worthiness as well as genuineness of the gifts. It has been established that the assets of Sh.Ashok Jain as on 31.03.2003 including movable/immovable assets were of Rs.1.25 crores, whereas the liability owned by Sh.Ashok Jain was only Rs.11.88 lacs less Rs.10.78 lacs. Keeping the assets owned by Sh.Ashok Jain we are of the considered view that he had the capacity to make gifts in question. All gifts are absolute and without any lien of anyone. There is no evidence on record to prove that the assessee has favoured the donor in any manner whatsoever by acquiring the gifts in question. The capacity of any person does not mean how much they earn monthly or annually, but the term capacity has vided term and that can be perceived by how wealthy he is. All the formalities, as per law are met by the assessee and donors as well. All the donors have admitted that they are great admirer of the assessee as she is working for the upliftment of poor people. - Decided in favor of assessee.
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