https://www.taxtmi.com/caselaws?id=173044 Maturity proceeds of transferable Resurgent India Bonds were not treated as unexplained income where the assessee showed that the bonds had been purchased earlier by a non-resident Indian in foreign currency and transferred by gift through bank correspondence. The Court noted that the relevant investment occurred in an earlier year, while only the maturity receipt arose in the assessment year in question, so the assessee had proved the nature and source of the credit for that year. It further held that inability to trace the donor at the stated address did not, by itself, disprove the donor's existence or the genuineness of the transfer. en-us Thu, 08 May 2008 00:00:00 +0530 Wed, 13 Dec 2023 18:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=173044 Maturity proceeds of transferable Resurgent India Bonds were not treated as unexplained income where the assessee showed that the bonds had been purchased earlier by a non-resident Indian in foreign currency and transferred by gift through bank correspondence. The Court noted that the relevant investment occurred in an earlier year, while only the maturity receipt arose in the assessment year in question, so the assessee had proved the nature and source of the credit for that year. It further held that inability to trace the donor at the stated address did not, by itself, disprove the donor's existence or the genuineness of the transfer. Case-Laws Income Tax Thu, 08 May 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=173044