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2020 (11) TMI 298 - AT - Income TaxGifts received by the assessee from his parents - routing of the funds to the firm - withdrawals made by the parents from the partnership firm - HELD THAT:- The perusal of the dates on which the cash is withdrawn from the firm as extracted earlier, when considered with the dates on which the amounts have been deposited in the assessee’s bank account which clearly shows that the deposits are much after the dates of withdrawals. Even as far as the assessment order, the Assessing Officer does recognize that the withdrawals are recorded. It is the evidence of the physical movement of funds that is being questioned by the AO. The fact that the amounts have been withdrawn and nothing has been found to show that these funds which had been withdrawn had been used for any other purpose, the claim of the assessee that these funds have been gifted to him from his parents cannot be doubted - The gifts of ₹ 5 lakhs each received by the assessee from his parents are actually the withdrawals made by the parents from the partnership firm M/s. Vedic Partners. Addition as made by the Assessing Officer and sustained by the Ld.CIT(A) stands deleted. - Decided in favour of assessee.
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