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;

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