Case Law Details
Case Name : Asst. Commissioner of Income Tax- 2(1) Vs. Pradeep K. Vakharia (ITAT Mumbai)
Related Assessment Year : 2004- 05
Courts :
All ITAT ITAT Mumbai
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The issue for consideration before is whether the gift received by the assessee is genuine or not? As per the AO, gift of such a substantial amount was not justified to a non relative/ no blood relation and the creditworthiness of the donor is not adequate. The CIT(A) held that, in fact, the Assessing Officer has in his remand report clearly stated that “The donor has confirmed in his statement the fact of giving gift to the appellant during the year under consideration.
The donor has also state
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