Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2015 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (8) TMI 420 - HC - Income TaxUnaccounted gifts - Held that:- After hearing the rival submissions and on perusal of material available on record, it appears that all the donors are in relation of the assessee and the gifts were made out of love and affection. The details of each donor's return was produced before the Assessing Officer, as all the donors were the Income-tax assessees. When it is so then the creditworthiness is proved. The amount was reflected in the books of account. Thus, in the instant case, the identity of the donors has been proved. The transfer of the amount was voluntarily and the amount was transferred by way of entries, so the genuineness of the transaction has been proved. Hence, in the peculiar facts and circumstances of the case, the gifts appears genuine. Also by looking to the amount involved, we accept the gift as genuine. All the ingredients of valid gifts have been proved in the instant case. - Decided in favour of assessee.
|