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2013 (10) TMI 314 - HC - Income TaxGenuineness of gifts received from different sources - Respondent assessee had shown receipt of gifts to the tune of Rs. 65,75,272/- from 12 different persons received through 11 demand drafts issued on a single day i.e. on 21.3.2003. One of the gifts amounting to Rs. 4,75,272/- was received from one Michael Gags of USA – Held that:- Assessing officer had issued the letters under section 133(6) of the Act. Assessing Officer had also called for confirmation letters which were received by it - The assessee had furnished all other requisite documents like copies of DD, gift deed, copy of PAN cards, copy of acknowledgment of returns of the donors along with computation and balance sheet - All the donors were assessed to tax except one who was based at USA - Identity of the donors so also creditworthiness and genuineness of the transaction having been established, gifts were not bogus. Reliance is also placed upon the judgment of Hon’ble Gujarat High court in the case of Muralidhar Lahorimal v. Commissioner of Income-tax [2005 (11) TMI 32 - GUJARAT High Court], wherein identity of the donor had been established beyond any semblance of doubt and genuineness of the transaction was also established not only by the receipt of bank draft but also by other contemporaneous record. - Decided against the revenue.
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