https://www.taxtmi.com/caselaws?id=178785 Credible evidence of the donors' identity, financial capacity and the genuineness of gift transactions, supported by affidavits, gift-tax records, bank drafts and income-tax particulars, was sufficient to discharge the assessee's initial onus. Some donors were examined and confirmed the gifts, and the gifts were routed through banking channels and reflected in returns. As the revenue produced no material to rebut this evidence, mere suspicion or an unanswered verification exercise could not sustain the addition. The gift receipts were therefore treated as satisfactorily explained and the addition was deleted. en-us Fri, 25 Jul 2003 00:00:00 +0530 Sat, 10 Aug 2024 13:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178785 Credible evidence of the donors' identity, financial capacity and the genuineness of gift transactions, supported by affidavits, gift-tax records, bank drafts and income-tax particulars, was sufficient to discharge the assessee's initial onus. Some donors were examined and confirmed the gifts, and the gifts were routed through banking channels and reflected in returns. As the revenue produced no material to rebut this evidence, mere suspicion or an unanswered verification exercise could not sustain the addition. The gift receipts were therefore treated as satisfactorily explained and the addition was deleted. Case-Laws Income Tax Fri, 25 Jul 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178785