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Issues: Whether the Tribunal's finding that the alleged gift was not genuine and that the addition of the amount as income from undisclosed sources was justified was perverse.
Analysis: In an appeal under Section 260A of the Income-tax Act, 1961, interference is warranted only if the finding challenged is perverse. The assessee bore the burden of proving the genuineness of the transaction, including the donor's identity, capacity, and the surrounding circumstances showing why a stranger would make a gift out of love and affection. Mere production of a declaration and bank documents was not enough where the donor and donee were admittedly strangers and the explanation did not establish a close or credible relationship. The Tribunal's view that the gift was a cloak for the assessee's own undisclosed funds was supported by the record and was a plausible factual conclusion. The provisions of the Gift Tax Act, 1958 dealing with exemption from gift tax did not control the inquiry into the genuineness of the credit for income-tax purposes.
Conclusion: The Tribunal's finding was not perverse and the question of law was answered against the assessee and in favour of the Revenue.
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