When gift is not genuine, addition under section 68 is warranted

Mere identification of the donor and showing the movement of the gift amount through banking channels is not sufficient to prove the genuineness of the gift

RELEVANT PARAGRAPH

Brief facts of the case are that the assessee received a gift of Rs.30,00,000/- from Mrs. Chandra Hingorani. The genuineness of the gift was examined by the Assessing Officer by considering the various documents including taking statements of the assesse

Please become a Premium member. If you are already a Premium member, login here to access the full content.