28 July 2010
An assessee has received gift of US $ 25000 from his father in law residing in Canada. His bank statement produced to the ITO during scrutiny assessment clearly shows that the money has been received from abroad in foreign currency. Still the ITO is not satisfied. He wants confirmation from Father in law about this gift and also the statement of account of father in law from which the money has been transferred. What are the powers of ITO in this regard. can he insist the production of confirmation of a person who is non resident in India and his bank statement.
CAclubindia
