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2014 (3) TMI 1023 - HC - Income TaxAddition under Section 68 - ingenuity of gift - Held that:- There is contradiction in respect of mode of receipt or payment. Though the payment was received by demand draft, she deposed that it is received by cheque. She was unaware about the business / profession of the donor. She stated that the money received was utilised for purchase of flat in 'Sripati Arcade', Nana Chowk, Mumbai which flat was valued at ₹ 2.73 crores. The Assessee, therefore, could not give a satisfactory explanation. It could not be said to be a simple case of gift and born out of natural love and affection. The Assessing officer has noted that the husband of the assessee is in the business of metal import and amount claimed to have been received as a gift has been remitted by M/s.Sun Metals Casting LLC, which is a company in metal trading in Sharjha (UAE). Therefore, this was the business relation with the husband and as a result of that the remittance came. In such circumstances, this would not be a case of genuine gift. It is in that context that all the three Authorities have concurrently found that the Appellant – assessee has failed to establish the essential ingredients of gift. They have not probed the gift or the aspect of natural love and affection as contended by the learned Counsel. While examining the details and scrutinising the necessary documents which have been given by the Assessee that the Authirities have concurrently found that the whole transaction was camouflage of business relation between assessee's husband and the alleged donor - Decided against assessee
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