Allowable gift

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 August 2011 MY CLIENTS CASE IS UNDER GOING U/S 143 (2)BEFORE INCOME TAX OFFICER, MY CLIENTS IS A PARTNER IN A FIRM.HIS FATHER MADE A GIFT OF RS.1000000/- (TEN LAKHS)IN FAVOUR OF HIS SON (CLIENT). A STAMP DULY NOTERIZED, WHICH IS PRODUCED BY US BEFORE TO OFFICER.
BEFORE SOME TIME MY CLIENTS FATHER HAS BEEN DEAD.CLIENTS FATHER IS A RETIRED SUBEDAR FROM INDIAN ARMY FROM 1979.HA HAD A AGRICULTURE LAND NEAR ABOUT 60 BIGGA. HE WAS NEVER BEEN FILED THEIR INCOME TAX RETURN NEITHER PAN CARD.MY OFFICER SAYS FOR REJECT THIS ONE AMOUNT OF RS. 10 LAKHS.
IN THIS REGARDS WHAT IS OPINION ABOUT EXPERTS..PLEASE THIS ONE IS URGENT ..IF HAVE U ANY CASE LAW , SUGGEST ME

Vivek Mehta (CA, DISA,CS, MBA)

Vivek Mehta (CA, DISA,CS, MBA) (Expert)
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16 August 2011 Rejection of Claim would not be justified in law if the genuineness of the transaction is being proved with the help of the bank account statement and also the source of the income by way of the receipt of the agriclture produce is being produced out. For Further Clarrification in the matter you can freely comtact me on vivekmehta@icai.org