Saturday 31 October 2015

Gift couldn't be held as unexplained if made by relatives out of love/affection and they were income

IT : Where assessee claimed that during year his minor children had received gifts of Rs. 3.71 lakhs from four relatives and Assessing Officer rejected gifts and added amount in income of assessee, since all ingredients of valid gifts had been proved by assessee, impugned addition was not justified

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