https://www.taxtmi.com/caselaws?id=187822 The High Court affirmed the Tribunal's decision that the gift of Rs. 1,50,000 received by the appellant was not genuine due to the lack of established creditworthiness of the donor. The Tribunal's findings, supported by the donor's modest means and lack of relationship with the assessee, concluded that the gift was erroneous and prejudicial to revenue. The Court upheld the Commissioner's order under Section 263, dismissing the appeal based on established legal principles and precedents, including the Supreme Court ruling in CIT v. P. Mohanakala. en-us Tue, 27 Nov 2012 00:00:00 +0530 Tue, 08 Nov 2016 12:28:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187822 The High Court affirmed the Tribunal's decision that the gift of Rs. 1,50,000 received by the appellant was not genuine due to the lack of established creditworthiness of the donor. The Tribunal's findings, supported by the donor's modest means and lack of relationship with the assessee, concluded that the gift was erroneous and prejudicial to revenue. The Court upheld the Commissioner's order under Section 263, dismissing the appeal based on established legal principles and precedents, including the Supreme Court ruling in CIT v. P. Mohanakala. Case-Laws Income Tax Tue, 27 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187822