https://www.taxtmi.com/caselaws?id=241645 The HC dismissed the revenue's appeal regarding addition of gift amount. The court held that once the genuineness of the donor's income tax return was not disputed and the donor's income was established at $116,680, the financial capability to make a gift of Rs. 10,00,000 was sufficiently proven. The assessing authority's role was limited to verifying genuineness and creditworthiness, not conducting a full assessment of the NRI donor's income. The court ruled that demanding complete NRE account transcripts was unnecessary when the donor's income was already verified through genuine tax returns. en-us Mon, 16 Jul 2012 00:00:00 +0530 Fri, 21 Feb 2025 18:09:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241645 The HC dismissed the revenue's appeal regarding addition of gift amount. The court held that once the genuineness of the donor's income tax return was not disputed and the donor's income was established at $116,680, the financial capability to make a gift of Rs. 10,00,000 was sufficiently proven. The assessing authority's role was limited to verifying genuineness and creditworthiness, not conducting a full assessment of the NRI donor's income. The court ruled that demanding complete NRE account transcripts was unnecessary when the donor's income was already verified through genuine tax returns. Case-Laws Income Tax Mon, 16 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241645