Donor’s Identity, Relationship & Occasion of Gift are essential to prove genuineness of Gift

Facts of the Case

A sum of Rs.7 lakhs, shown to have been received as gift from Shri Jamaluddin Sheik Fareed, was treated as unexplained cash credit in the hands of the assessee on the ground that the assessee has not furnished confirmation letter from the party. In fact, no gift deed copy was produced and details of mode of payment, origination bank and other bank account details were not furnished before the AO.

Contention of the Assessee

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