Scrutinizing the Genuineness of Gifts in Income Tax Law: Taxability of Gift u/s 68

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..... g an individual and the Commissioner of Income Tax. Central to the dispute are two gifts totaling a significant sum, allegedly received by the individual from non-resident external (NRE) accounts. The tax authorities challenged the genuineness of these gifts, questioning the identity, creditworthiness, and capacity of the donors to make such gifts. Initially, the Assessing Officer, unsatisfied .....

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..... ccepted, leading to a decision against the individual. This case underscores critical aspects of tax law, particularly in the context of gifts and their treatment under income tax provisions. It highlights the stringent requirements for proving the genuineness of gifts, especially concerning the donor's identity and capacity. The ruling sets a precedent for similar cases, emphasizing the bu .....

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