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2008 (2) TMI 417 - HC - Income TaxAddition on account of Gifts received – ITAT deleted the the addition of ₹ 4,50,000, ₹ 2,50,000 and ₹ 2,00,000, which have been received on account of gift – Held that - there is no legal basis to assume, that to recognize the gift to be genuine, there should be any blood relationship, or any close relationship, between the donor and the donee. Instances are not rare, when even strangers make gifts, out of very many considerations, including arising out of love, affection and sentiments - when the assessee has produced the copies of the gift deeds and the affidavits of the donors, in the absence of anything to show, that the act of the assessee in claiming gift, was an act by way of money laundering, simply because he happens to receive gifts, it cannot be said that, that is required to be added in his income.
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