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Prerequisites of a genuine gift transaction
Case Law Details
- Case Name
- Krishna Mohan Agrawal Vs ITO (ITAT Lucknow)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All ITAT, ITAT Lucknow
RELEVANT EXTRACTS:
25. We have considered the rival submissions and the material on record. In our considered view, the gifts so received by the assessee or his grandsons could not be said to be genuine. The reasons are that in all these cases, the donors are persons of low income group and do not have any capital or asset. There is no evidence on record to show how they build up capital. Even though identity of the donors is proved, but creditworthiness is not established. Creditworthiness is established by showing the balance sheet and capital account filed by them in the income tax return. ...
