https://www.taxtmi.com/caselaws?id=256591 A claim that a cash credit represented a genuine gift requires the assessee to prove the donor's identity, capacity or creditworthiness, and the genuineness of the transaction. Mere remittance through banking channels or from a foreign account is not enough; the surrounding circumstances, including the relationship between donor and donee and the stated occasion for the gift, must also support a real gift made out of love and affection. On the facts, the materials did not satisfactorily explain the donor's connection with the assessee or the basis for the large gift, and belated appellate material could not cure the deficiency. The addition was therefore sustained and the assessee's challenge failed on merits. en-us Wed, 04 Feb 2015 00:00:00 +0530 Wed, 12 Aug 2015 14:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256591 A claim that a cash credit represented a genuine gift requires the assessee to prove the donor's identity, capacity or creditworthiness, and the genuineness of the transaction. Mere remittance through banking channels or from a foreign account is not enough; the surrounding circumstances, including the relationship between donor and donee and the stated occasion for the gift, must also support a real gift made out of love and affection. On the facts, the materials did not satisfactorily explain the donor's connection with the assessee or the basis for the large gift, and belated appellate material could not cure the deficiency. The addition was therefore sustained and the assessee's challenge failed on merits. Case-Laws Income Tax Wed, 04 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256591