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2009 (7) TMI 857 - AT - Income TaxAddition - Bogus gift - The identity of the donor is not in doubt - The genuinity of gift is proved because it was made through a draft and admitted by both parties - The source of gift has also been explained with the help of possible and feasible evidences which are available on the record - The possibilities and realities of life come only thereafter, and when the adverse possibilities are also found to be explained there should be an end of these "possible realities", otherwise no gift would be or can be treated as genuine, as the reality of life, in this era is that even a father would not give a gift to his son - The credit under reference is stated to be a gift, and which can only flow from a person who is close to the donee; the only basis for the same being natural love and affection it is the latter that appears to be the case, with the assessee furnishing the donor's account statement in the books of the said concern, and which would only be through the donor, while it is clear that the said concern had closed shop at the stated address, and the same did not represent its current address - The said account statement stands relied upon only by the assessee itself and, secondly only in establishment of its claim in respect of the donor's creditworthiness, so that this argument is fallacious in the least, particularly as in the context of serious doubts raised on the donor's creditworthiness on the basis of the material on record, and the inability of the assessee and, therefore, also the donor, to establish the antecedents of the source of the funds with the donor; given his income level - source of the gift is the receipt through a cheque of ₹ 2,46,000 received by the donor from the Balaji Trading Corporation, Delhi, and a cash amount of ₹ 3,500 - decided in the favour of the assessee
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