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2015 (4) TMI 553 - HC - Income TaxUnaccounted gifts - whether the two donors had the financial capacity to make the gift(s) in favour of the assessees herein? - ITAT deleted the addition - Held that:- In the light of the decision of the Supreme Court in the case of P.R.Ganapathy (2012 (9) TMI 482 - SUPREME COURT), wherein held that the burden is on the assessees to show that the amount received by purported gift(s) from the two donors was a "gift" in the legal sense. Assessees have not led evidence to show whether the alleged donors had adequate funds in their respective accounts to make these purported gift(s) in Singapore Dollars, which is almost running into more than five lakhs, we have no hesitation to set aside the order of the Tribunal. Accordingly, the order of the Tribunal stands set aside and the matter is remanded back to the Tribunal to decide the issue along with the case of P.R.Ganapathy on this issue. - Decided in favour of revenue for statistical purposes.
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