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When gift is not genuine, addition under section 68 is warranted
Case Law Details
- Case Name
- Asha M. Agarwal Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All ITAT, ITAT Mumbai
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Mere identification of the donor and showing the movement of the gift amount through banking channels is not sufficient to prove the genuineness of the gift
RELEVANT PARAGRAPH
Brief facts of the case are that the assessee received a gift of Rs.30,00,000/- from Mrs. Chandra Hingorani. The genuineness of the gift was examined by the Assessing Officer by considering the various documents including taking statements of the assessee which was recorded on 19.12.2006.
The AO noticed that the assessee is not remotely connected with the family of the donor. She has no knowledge about the family of the ...
