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2015 (10) TMI 1400 - ITAT KOLKATAUnexplained cash credit - Held that:- As regards to Shri Vivek Chaudhary assessee was in receipt of an average salary of 6,208/- the preponderance of the probability indicates that the alleged gift by the donor cannot be accepted. A person receiving merely 6,000/- as ‘salary’ deposits of 2 lakhs in his bank account and immediately thereafter gives a gift of 2 lakh cannot be accepted as genuine. Hence, the gift of 2 lakh from Shri Vivek Chaudhary has rightly been treated by Authorities below as unexplained cash credit in the hands of the assessee. As regards other donors, the adverse inference has been drawn only on the basis that their returns of income were low. We find that there is no presumption that personal receiving small income cannot make small savings. On the facts of this case, we find that the small amount of savings as claimed by the donors cannot be rejected. In these circumstances when the confirmations is there, identity is established and return of income is also on record and no adverse features have been noticed in their bank account, the small amount given by them as gift to the assessee cannot be added in the hands of the assessee. Accordingly, except for the gift from Shri Mahabir Pd. Sharma, which we have conformed as above, the gifts from other three person added by the AO as unexplained cash credit in the hands of the assessee is deleted. - Decided partly in favour of assessee.
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