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2010 (10) TMI 506 - AT - Income TaxApplicability of section 292BB - Bogus or genuine gift - unexplained investment - On the basis of report of Investigation Wing, the assessment records of the assessee were examined and it was found that during the year under consideration the assessee had received gifts of Rs. 24 lacs - assessee also sought reasons for reopening of the case as according to assessee's belief the income for the year was properly disclosed in the return filed by her and it was claimed that the initiation of reassessment proceedings was not valid - Reference was made to the fresh notice issued under s. 142(1) dt. 19th Feb., 2009 asking the assessee to file the return with various informations as per questionnaire dt. 3rd Nov., 2008 - it relates to identity of the declarants/creditors is concerned, there is no dispute that all of them had appeared before the Investigation Wing and their statements were recorded - The amount deposited in the bank accounts relating to donor ladies did not change its shape and the money remained in the bank accounts of the respective declarants until it was given as gift to the assessee by way of account payee cheques - So far as it relates to the genuineness of the transaction, it is already observed that money in the bank of the donor ladies was lying since 1997 and it did not change shape till it was given to the assessee - There is no material on record to controvert such evidence - Decided in favour of the assessee
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