https://www.taxtmi.com/caselaws?id=211355 The Income Tax Appellate Tribunal was justified in deleting the Rs.54 lakhs addition made in the hands of the assessee. The Tribunal ruled that the payment to the son was not a deemed gift, as there was no evidence to support this claim. The transaction was found to be genuine, with no reversal or variation of findings in income tax proceedings. The Tribunal emphasized the importance of concrete evidence in establishing claims of deemed gifts and upheld the principle of arm's length dealings in tax assessments. The appeal was dismissed with no order as to costs. en-us Thu, 18 Aug 2011 00:00:00 +0530 Tue, 13 Mar 2012 10:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211355 The Income Tax Appellate Tribunal was justified in deleting the Rs.54 lakhs addition made in the hands of the assessee. The Tribunal ruled that the payment to the son was not a deemed gift, as there was no evidence to support this claim. The transaction was found to be genuine, with no reversal or variation of findings in income tax proceedings. The Tribunal emphasized the importance of concrete evidence in establishing claims of deemed gifts and upheld the principle of arm's length dealings in tax assessments. The appeal was dismissed with no order as to costs. Case-Laws Income Tax Thu, 18 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211355