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ITAT Lucknow

Prerequisites of a genuine gift transaction

January 18, 2009 1174 Views 0 comment Print

5. 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.

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