https://www.taxtmi.com/caselaws?id=202577 The Tribunal allowed the appeal of the assessee, setting aside the orders of the Departmental authorities. The Tribunal held that the mere absence of a blood relationship between the donor and donee did not render the gifts non-genuine. It found that the Departmental authorities lacked concrete evidence to establish the gifts as a guise for money laundering. Therefore, the gifts were to be accepted as claimed by the assessee, and interest under sections 234A and 234B of the Act would be calculated accordingly by the AO. en-us Thu, 29 Oct 2009 00:00:00 +0530 Sat, 02 Apr 2011 11:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202577 The Tribunal allowed the appeal of the assessee, setting aside the orders of the Departmental authorities. The Tribunal held that the mere absence of a blood relationship between the donor and donee did not render the gifts non-genuine. It found that the Departmental authorities lacked concrete evidence to establish the gifts as a guise for money laundering. Therefore, the gifts were to be accepted as claimed by the assessee, and interest under sections 234A and 234B of the Act would be calculated accordingly by the AO. Case-Laws Income Tax Thu, 29 Oct 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202577