https://www.taxtmi.com/caselaws?id=253962 Interference under Section 260A of the Income-tax Act is limited to findings that are perverse, and the assessee must prove the genuineness of an alleged gift by establishing the donor's identity, capacity, and a credible surrounding explanation for the transfer. Mere production of a gift declaration and bank records was insufficient where the donor and donee were strangers and no convincing relationship or motive of love and affection was shown. On the record, the Tribunal's view that the gift was a device for routing undisclosed funds was a plausible factual conclusion, and the finding was not perverse. The Gift Tax Act provisions on exemption did not govern the income-tax inquiry into genuineness. en-us Thu, 27 Nov 2014 00:00:00 +0530 Wed, 12 Aug 2015 18:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253962 Interference under Section 260A of the Income-tax Act is limited to findings that are perverse, and the assessee must prove the genuineness of an alleged gift by establishing the donor's identity, capacity, and a credible surrounding explanation for the transfer. Mere production of a gift declaration and bank records was insufficient where the donor and donee were strangers and no convincing relationship or motive of love and affection was shown. On the record, the Tribunal's view that the gift was a device for routing undisclosed funds was a plausible factual conclusion, and the finding was not perverse. The Gift Tax Act provisions on exemption did not govern the income-tax inquiry into genuineness. Case-Laws Income Tax Thu, 27 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253962