Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2015 (1) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (1) TMI 286 - HC - Income TaxAdditions u/s 68 and 69 - genuineness of foreign gift - Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in deleting the addition of ₹ 3,16,570/- allegedly received by the assessee as foreign gift - Held that:- cash entries by way of two different foreign cheques amounting to ₹ 3,16,570/- made by one Y.P. Wadhera in favour of the assessee is in dispute. The veracity of the said entry was doubted by the Assessing Officer on the ground that there was no relationship between donor and the donee. It has come on record that both of them were having no blood relations between them. It is a NRI gift from a stranger and it cannot be said to be genuine or valid nor out of love and affection. - here a person residing abroad had sent a gift to a stranger. It has come on record that the donor made contradictory versions about his relationship with the donee. But the sum and substance of his version leads to the fact that there existed no blood relationship between them. It has also been admitted by the donor that he had not gifted any amount to any other person. In this scenario, there was no occasion for him to make the gift and this amount could not have been deleted. - Following decision of Commissioner of Income Tax Versus M/s Udham Singh & Sons, Goraya [2014 (3) TMI 467 - PUNJAB AND HARYANA HIGH COURT] - Decided in favour of Revenue.
|