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2022 (11) TMI 68 - AT - Income TaxAddition of sum received as "Gift" by the assessee from his "father" - assessee failed to produce the donor on the designated date, AO held that genuineness of the gift is doubtful and brought the gift amount to tax - HELD THAT:- As find the identity of the donor who is the father of the assessee has been established through the ITR, Passport and permanent residency card of Hong Kong. The creditworthiness is proved by the fact that the donor is having enough sources to the tune of Rs. 119 Cr. as per the ITR, and also received an amount on sale of shares as reflected in the ITR and an established hotelier. The donor is about 85 years old and the amount has been gifted to his own son through a gift deed proves the genuineness of the transactions. The addition has been made solely on the basis of failure of the assessee to produce his father (donor) who is 85 years old, staying at Hong Kong before the authorities within a span of 13 hours. Since, all ingredients of identity, genuineness and creditworthiness have been proved beyond doubt, we hereby hold that no addition on account of the gift received by the assessee is called for. Appeal of the assessee is allowed.
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