Exchange of gifts among unknown persons held taxable under section 68

August 20, 2015[2015] 60 taxmann.com 133 (Delhi)/[2015] 373 ITR 301 (Delhi)/[2015] 275 CTR 166 (Delhi)

IT : Where donor and donee (assessee) were not known to each other, mere declaration by donor that gift was made out of love and affection was not sufficient; Assessing Officer was justified in treating said gift as income under section 68