Gifts- Genuineness of NRE gifts

In the case of: Deputy Commissioner of Income Tax Vs. Alok Gautam, Decided by: ITAT, Lucknow, Assessment Year: 1994- 95, Decision Date: 23rd January, 2009 Gist of decision: The facts argued in favour of the gifts being genuine are: (i) gifts were transferred through banking channels; (ii) existence of NRE accounts from which gifts were given are not disputed; (iii) the credits into NRE accounts came from outside India; (iv) Identity of donors is established through NRE accounts; (v) creditworthiness of the donors is established because no one else could deposit money into NRE ...