https://www.taxtmi.com/caselaws?id=33668 A receipt credited to a partner's capital account was considered in the context of unexplained cash credit in the firm's hands, but the analysis turned on whether the alleged gift was genuine. The relevant test required identifiable donor property, voluntariness, absence of consideration, acceptance, and the donor's ability to make the transfer. On the stated facts, the donor was identified, the funds came from an NRE account, the remittance reflected foreign earnings, and the transfer was made by cheque through banking channels. Where these elements are established, circumstantial objections alone do not displace the genuineness of the gift or justify treating the amount as unexplained income. en-us Thu, 26 Jul 2007 00:00:00 +0530 Fri, 15 Jul 2016 13:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33668 A receipt credited to a partner's capital account was considered in the context of unexplained cash credit in the firm's hands, but the analysis turned on whether the alleged gift was genuine. The relevant test required identifiable donor property, voluntariness, absence of consideration, acceptance, and the donor's ability to make the transfer. On the stated facts, the donor was identified, the funds came from an NRE account, the remittance reflected foreign earnings, and the transfer was made by cheque through banking channels. Where these elements are established, circumstantial objections alone do not displace the genuineness of the gift or justify treating the amount as unexplained income. Case-Laws Income Tax Thu, 26 Jul 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33668