2008 (2) TMI 417

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....filed by the Revenue, against the judgment of the learned Tribunal confirming the deletion of addition of Rs. 4,50,000. 2. The appeal was admitted on July 16, 2004, by framing the following substantial question of law: "Whether, in the facts and circumstances of the case, the learned Tribunal was justified in deleting the addition of Rs. 4,50,000, Rs. 2,50,000 and Rs. 2,00,000, which have be....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....concluded, that it appears, that the gifts are not genuine, and are only a managed affairs of the assessee. The learned Commissioner has reversed this finding by holding, that the assessee had clearly shown from the assessment proceedings, that the gifts were made out of love and affection towards the assessee, and it is a matter of God's grace to make love and affection between donors and donee, ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....by relying upon certain judgments. 4. In our view, there is no legal basis to assume, that to recognize the gift to be genuine, there should be any blood relationship, or any close relationship, between the donor and the donee. Instances are not rare, when even strangers make gifts, out of very many considerations, including arising out of love, affection and sentiments. 5. In our view, when....