https://www.taxtmi.com/caselaws?id=327501 A transfer described as a "gift" was treated as revocable at the donor's instance, and the recipient later repaid the amount after revocation notices. Read as a whole, the document showed no absolute transfer of ownership, so the receipt was characterised as a temporary arrangement rather than a completed gift or unexplained income. On that basis, taxation under section 56(2)(v) was not sustainable and the addition was deleted. en-us Thu, 28 Apr 2016 00:00:00 +0530 Thu, 12 May 2016 01:23:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327501 A transfer described as a "gift" was treated as revocable at the donor's instance, and the recipient later repaid the amount after revocation notices. Read as a whole, the document showed no absolute transfer of ownership, so the receipt was characterised as a temporary arrangement rather than a completed gift or unexplained income. On that basis, taxation under section 56(2)(v) was not sustainable and the addition was deleted. Case-Laws Income Tax Thu, 28 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327501