Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2015 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (9) TMI 964 - HC - Income TaxReceipt of capital account transactions as a gift rejected - treating the same as income being of a revenue nature - Held that:- It has been categorically recorded by the Tribunal that the assessee has not been able to show any relationship with the donor and therefore there could not be any love and affection with the non relative. The assessee had not produced any evidence to show close relationship between him and Abinashi Lal Bajaj. In his statement, Mr. Bajaj also stated that he had not made any gift to any person. Only pay order had been given in lieu of cash. It was thus clear that the gift was not genuine. The gift requires a close association between the donor and the donee except where gifts are made for charity and philanthropic purpose. Mere fact that the amount paid had emanated from bank account of donor would not be sufficient to prove genuineness of gift. - Decided against assessee.
|