Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (10) TMI 69 - ANDHRA PRADESH HIGH COURTUnexplained investment – Held that:- There was not even an indication as to the suppression of income, she voluntarily filed revised returns for as many as 7 assessment years - She reflected two sources of income - The first is through money lending business and the second is in the form of gifts received by her - the Tribunal has undertaken extensive discussion with reference to each and every ground - it is not a case where the appellant came forward with the revised returns, on being issued notice by an authority under the Act - As regards the source to commence the money lending business, the plea of the appellant was that she has savings through agricultural income - There cannot be a better instance of stretching a totally unrelated fact to the extent of straining it – assessee has shown the income through agriculture - it had accrued to her free from any obligation and she has every right to put the amount to the use of her choice - It was nobodys case that the income earned by the appellant through agriculture was spent for social obligations - the Tribunal has permitted its imagination to cross all barriers of propriety and reasonableness. The law does not indicate that a gift must emanate only from a known person - it is difficult to describe let alone define, as to when a person can be said to be related to another, in the context of making gifts - A small gesture of affection may result in presentation of quite a fabulous gift and, even where stupendous service is rendered, it may not fetch even an act of gratitude - Much would depend upon the thinking of the concerned persons as well as their financial conditions – the order of the Tribunal is set aside – Decided in favour of assessee.
|