Section 68: When Gifts could not be held as unexplained

Gifts couldn’t be held as unexplained if identity and relationship of donor were known

[2015] 57 taxmann.com 84 (Delhi)

HIGH COURT OF DELHI

Commissioner of Income-tax

v.

Ramesh Suri

Section 68 of the Income-tax Act, 1961 - Cash credit (Gifts) - Whether where identity and relationship of donor was known, amount received by assessee by way of gift from said donor could not be treated as income from undisclosed source- Held , yes [Para 7] [In favour of assessee]