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2013 (12) TMI 1310 - HC - Income TaxGenuineness of gift - Held that:- response the assessee had submitted a part of transcript of NRE account of Dr. Chitranjan Jain with the City Bank Delhi. As a proof with regard to creditworthiness of Dr. Chitranjan Jain, a copy of income tax return filed in USA was also enclosed - The brother and his wife has income of 1,16,680 $ in previous assessment year - When the income of the donor has not been disbelieved by the Assessing Authority then payment of meager amount of Rs. 10,00000/- should not be doubted - Merely because the entire transcript of NRE account was not furnished shall not make out a case to disbelieve the amount paid - Assessing authority was not seized with the case of donor to assess his income under the Income Tax Act - He was only to verify the genuineness of transaction and creditworthiness - Decided against Revenue.
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