2024 (1) TMI 1240 - SCH - Income Tax

Unexplained gifts - Donee denied to make gifts - burden to prove - As decided by HC 2014 (8) TMI 692 - ALLAHABAD HIGH COURT gifts are not genuine and Tribunal has deleted the addition merely only on the ground that no opportunity was provided for cross-examination,but fact remains that assessee never availed it - transaction is not genuine but colorable as money is routed indirectly from the firm to the assessee's account under the garb of the gifts. HELD THAT - We are not inclined to interfere with the impugned judgment and order passed by the High Court. Hence, the Special Leave Petition is dismissed.

Summary

The Supreme Court dismissed the Special Leave Petition and declined to interfere with the judgment and order passed by the High Court. Pending applications were disposed of.