https://www.taxtmi.com/caselaws?id=263721 The court upheld the Tribunal's decision regarding the addition made under Section 68 of the Income Tax Act concerning maturity proceeds of Resurgent India Bonds received as gifts. The court found that the donor's financial capacity was established through bank statements and fixed deposit receipts. The respondent provided sufficient documentation confirming the gift, and the court emphasized that the donor's capacity should be judged at the time of subscription to the bonds. As two authorities had concurred based on the evidence, no substantial question of law was found, and the appeals were dismissed. en-us Mon, 24 Aug 2015 00:00:00 +0530 Wed, 09 Sep 2015 13:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263721 The court upheld the Tribunal's decision regarding the addition made under Section 68 of the Income Tax Act concerning maturity proceeds of Resurgent India Bonds received as gifts. The court found that the donor's financial capacity was established through bank statements and fixed deposit receipts. The respondent provided sufficient documentation confirming the gift, and the court emphasized that the donor's capacity should be judged at the time of subscription to the bonds. As two authorities had concurred based on the evidence, no substantial question of law was found, and the appeals were dismissed. Case-Laws Income Tax Mon, 24 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263721