https://www.taxtmi.com/caselaws?id=59882 A bank-transferred gift from a Nepal resident was held not taxable as income from undisclosed sources under section 68 because the assessee produced the donor's sworn declarations, bank draft particulars and assessment record, and the transfer was credited directly to the assessee's bank account rather than to any books of account maintained by her. A valid gift of movable property was treated as complete on transfer and acceptance under section 122 of the Transfer of Property Act, 1882. The allegation that the arrangement was collusive or colourable was rejected for lack of cogent evidence, and the unexplained-income addition was deleted. en-us Mon, 26 Apr 1993 00:00:00 +0530 Sat, 01 Jan 2011 16:18:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59882 A bank-transferred gift from a Nepal resident was held not taxable as income from undisclosed sources under section 68 because the assessee produced the donor's sworn declarations, bank draft particulars and assessment record, and the transfer was credited directly to the assessee's bank account rather than to any books of account maintained by her. A valid gift of movable property was treated as complete on transfer and acceptance under section 122 of the Transfer of Property Act, 1882. The allegation that the arrangement was collusive or colourable was rejected for lack of cogent evidence, and the unexplained-income addition was deleted. Case-Laws Income Tax Mon, 26 Apr 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59882