https://www.taxtmi.com/caselaws?id=63330 Gifts of cash and immovable property were examined under sections 68 and 69 of the Income-tax Act, with the discussion stressing that registered gift deeds, affidavits, bank records, donor statements and remand material can establish donor identity, capacity and transaction genuineness. The analysis notes that valid gifts under sections 122 and 123 of the Transfer of Property Act require voluntary transfer and acceptance, and that absence of close relationship or a specific occasion does not by itself make a gift nongenuine. It also states that section 68 was inapplicable where no books of account were maintained, and that section 69 could not apply where the source of the properties was explained as genuine gifts. Standard deduction under section 16(1) was described as available only where an employer-employee relationship exists. en-us Fri, 30 Nov 2007 00:00:00 +0530 Mon, 29 Jan 2024 17:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63330 Gifts of cash and immovable property were examined under sections 68 and 69 of the Income-tax Act, with the discussion stressing that registered gift deeds, affidavits, bank records, donor statements and remand material can establish donor identity, capacity and transaction genuineness. The analysis notes that valid gifts under sections 122 and 123 of the Transfer of Property Act require voluntary transfer and acceptance, and that absence of close relationship or a specific occasion does not by itself make a gift nongenuine. It also states that section 68 was inapplicable where no books of account were maintained, and that section 69 could not apply where the source of the properties was explained as genuine gifts. Standard deduction under section 16(1) was described as available only where an employer-employee relationship exists. Case-Laws Income Tax Fri, 30 Nov 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63330