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2013 (6) TMI 406 - AT - Income TaxDisallowances of Rs. 3,18,000/- on account of gift - assessee could not produce the donors and donors did not appear in response to notices u/s 131 - Held that:- There were two entries of Rs.3 lacs and Rs.59,940/- respectively which were received by the assessee. The assessee had furnished copy of bank statement of donor of Rs.3 lacs and also had explained the source of source by furnishing the details of credit side of entry in the pass book of donor. As notices u/s 131 were dated 15.12.2008 and AO without waiting passed the assessment order on 20.12.2008. Thus as all details were furnished and source of source were also explained, there is no reason to uphold the addition of Rs.3 lacs. As regards amount of Rs.18,000/- the amount is too small and was claimed to have been received on marriage anniversary of the assessee which should have been accepted by AO.In favour of assessee. Addition of Rs.59,440/- on account of share trading profit - Held that:- The same was declared as income in the financial year 2002- 03 and the same was received in the year under consideration as apparent from copy of bank account. Therefore this amount cannot be considered as unexplained. In favour of assessee.
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