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2013 (5) TMI 306 - AT - Income TaxUnexplained gifts - Held that:- Assessee has discharged its onus by filing confirmations from the donors, copies of acknowledgment of returns of the relevant assessment year, copies of PAN card, copies of bank statements and also contra confirmation that these loans were out of the amounts received from earlier loans advanced to other parties, which was returned by these parties. Once this is the position and none of the authorities below have gone into the details and not doubted the genuineness of the transaction or the creditworthiness of these donors, nothing remains after the decision of M/s. Dataware Private Limited (2011 (9) TMI 175 - CALCUTTA HIGH COURT) wherein held that in the absence of any enquiry from the AO of the donors, the AO cannot make the addition in the hands of the assessee by treating the gifts received by assessee as unexplained. In favour of assessee.
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