2015 (8) TMI 420

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..... r's return was produced before the Assessing Officer, as all the donors were the Income-tax assessees. When it is so then the creditworthiness is proved. The amount was reflected in the books of account. Thus, in the instant case, the identity of the donors has been proved. The transfer of the amount was voluntarily and the amount was transferred by way of entries, so the genuineness of the transa .....

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..... ase are that during the assessment year under consideration, the assessee has shown that his minor children, namely, Vrinda and Krishna had received following gifts : Name of donor Relation Amount in Rs. Shri Rajan Kr. Malhotra Assessee s cousin brother 51,000 Shri Bhimsen .....

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..... all the donors are in relation of the assessee and the gifts were made out of love and affection. The details of each donor's return was produced before the Assessing Officer, as all the donors were the Income-tax assessees. When it is so then the creditworthiness is proved. The amount was reflected in the books of account. Thus, in the instant case, the identity of the donors has been proved .....

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