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2016 (1) TMI 527 - AT - Income TaxAddition as undisclosed income - revenue not accepting the fact that the said amount was gifted to the assessee by her father - Held that:- The appellant has submitted a confirmation dated 17/11/2011 from Shri P.M. Lodha where he had confirmed that he had gifted a sum of ₹ 3.90 lacs in cash to her daughter Smt. Neelmani Jain (Appellant), wife of Shri B.K. Jain on 10th of July, 2008. Further in the said letter, it is stated that the amount has been gifted as his natural love and affection to her. This amount was withdrawn by him (Donor) from his savings bank account No. 001201009312 with ICICI Bank, Subhash Nagar, CScheme, Jaipur. So in the light of this, it is clear that the observation of the ld CIT(A) is not correct that the money was withdrawn and kept by the donor for 15 days and then gifted to the appellant. The correct factual position as appearing from the record is that the amount was withdrawn on 10th July, 2008 and on the same date, the money was gifted to the appellant and thereafter the appellant after spending a part of amount, deposited remaining amount of ₹ 3,59,031/- in her and her son’s bank accounts. As regards, non appearance of the donor Shri P.M. Lodha before the Assessing Officer, it was submitted that the donor Shri P.M. Lodha is over 85 years of age and because of his age he could not appear before the Assessing Officer. However, he has submitted his statement dated 17/11/2011 as well as produced a copy of his bank statement, which proves beyond doubt that he has gifted an amount of ₹ 3.90 lacs to his daughter. Further on query from the Bench that if the donor Shri P.M. Lodha can go to the bank to withdraw the amount, what stops him from making an appearance before the Assessing Officer. The ld AR has submitted that the donor Shri P.M. Lodha had not gone to the bank as well and the money was withdrawn through self cheque and he has sent one of his family’s member to withdraw the amount. So given the above factual position (substantiated by appellant through appropriate documents), the identity, creditworthiness as well as genuineness of the gift transaction has been proved and in the light of above, the addition made by the Assessing Officer and confirmed by the ld CIT(A) U/s 68 of the Act is deleted. - Decided in favour of assessee.
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