section (1), the following incomes, shall
be chargeable to income-tax under the head "Income from other
sources", namely:- .....
3 ITA 4259 ... gifts were not genuine and added them as unexplained
gifts u/s 68 , in fact he should have taxed these gifts under the head income
Assessing Officer to consider the genuineness of the
gift transaction and treat such gifts as undisclosed
income would be required to be considered ... occasion for the gift
are not in any case essential elements as engrained in
the definition of gift under the Gift Tax Act . The view
occasion for making the gift; the gifted amount was more than
the income of the assessee; there was no relation between the
donor ... since there was no occasion for making the gifts, the
gifted amount is more than the income of the
assessee, there is no relationship between
Revenue alleges that the gifts are bogus. The amount of the gifts represents the concealed income of the assessee. The Tribunal has erred in accepting ... financial capability to make the gifts. The amount of the gifts is in fact the concealed income of Mr. Oswal himself. He placed reliance
5119/Mum2015
any other head of income, therefore, assessed
under the residuary head of income, "income from
other sources ... income under this Act shall be
chargeable to income-tax under the head
Income from other sources" if it is not
chargeable to income
gave particulars of gift i.e., names of donors, flat numbers, amount of gifts, date of gift and date of booking of flats ... their statements, donees have accepted the gifts and such gifts are supported by gift deeds, bank certificate and NRE accounts, etc., it is presumed that
validity of proceedings insofar as they relate to gifts, Commission on gifts and Rental Income, are bad in law being beyond the scope of Chapter ... Section 5(1)(iib) of Gift Tax Act, the gifts from NRE Account are exempt from gift-tax and as per this sub-section, relation
making huge gifts to relatively well-to-doonees, genuineness of gifts could not be accepted.
( b) Sumati Dayal v. CIT ... urged that the quantum of gifts, number of gifts, earning capacity of the donors, vis-a-vis gifts made, have to be examined. He referred
income for the assessment year under consideration declaring total income at Rs. 13,29,090/-. This income consisted of income from salary, house property, agriculture ... being convinced held the gift to be a arranged gift and added the amount of gift as income of the assessee Under Section
evidence.---Badri Prasad Gupta vs. Asstt. CIT 14 DTR
348(Agra)
- Income--Cash credit---Genuineness of gifts-Identity of the donors not
being in dispute ... between the donor and the donee -
CIT VS. PADAM SINGH CHOUHAN 215 CTR 303 (RAJ).
Income - Cash credit - Gifts - Affidavits of donors, their voters identity
