Addition of gift sustainable as nature of relationship with the donor not proved

P.R. Ganapathy Vs DCIT (Madras High Court) Madras High Court held that addition of gifts as undisclosed income sustainable as there was no acceptable explanation as to the nature of relationship the gift receiver had with the donor in the course of business transaction. Facts- This Tax Case Appeal has been filed, challenging the order dated 22.08.2008, passed by the Income Tax Appellate Tribunal, Chennai Bench ‘B’ in ITA No.36/Mds/2007 for the assessment year 2002-2003, by which the assessment made by the Assessing Officer, holding that the NRI gifts were not genuine and confirming...