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2012 (12) TMI 445 - ITAT MUMBAIUnexplained gifts u/s 68 – Gifts given to the minor child of the assessee - Assessee had furnished gift declaration, copies of ITR’s along with computation of income in respect of donor - AO considered that gift as ‘unexplained’ as result of the failure to produce the concerned donors in order to establish their creditworthiness and genuineness – Held that:- As the said documentary evidence was sufficient to discharge the primary onus, which was shifted to the AO and in the absence of any adverse material brought on record by the AO to doubt or dispute the genuineness of the relevant gifts, the said gifts cannot be treated as unexplained cash credits u/s.68 merely because the donors were not produced by the assessee. No enquiry whatsoever was made by the AO either with the concerned donors or even with their AO in order to ascertain the genuineness of gifts. Issue decides in favour of assessee Addition on account of low withdrawal of house-hold expense – Held that:- As the AO has estimated the household expenses of the assessee at Rs. 25,000/- per month after taking into consideration all the relevant facts and same has been accepted by the assessee also. Issue decides in favour of revenue
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