2015 (1) TMI 1475 - SCH - Income Tax

Genuineness of gift - accommodation entries - gift cannot be accepted as such to be genuine merely because the amount has come by cheque or draft through banking channels unless the identity of the donor his creditworthiness relationship with the donee and the occasion are proved - HC maintain the addition of the gift amount but disallow the assumed addition of 10 per cent. on premium paid to middlemen - HELD THAT - Delay condoned. We do not find any legal and valid ground for interference. The Special Leave Petitions are dismissed.