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2022 (11) TMI 329 - AT - Income TaxAssessment u/s 153A - Receipt of Cash Gift by the appellant from her husband - HELD THAT:- The assessee has filed Income Tax Returns and financial statement for the relevant assessment year and claimed that her husband has opening cash balance but she could not file any evidence to prove that her husband declared said cash balance in Wealth Tax Return filed for the relevant assessment year, because cash in hand in excess of Rs. 50,000/- is liable for wealth tax. Therefore, the claim of the assessee that she had received cash gift of Rs. 39,75,000/- from her husband cannot be accepted, because, she could not adduce necessary evidences. In so far as balance gift of Rs. 7 lakhs received through bank, no evidence including bank statements of the assessee and her husband was filed to prove that said gift has been received through bank. Further, neither the assessee nor her husband filed any evidences during search and post search proceedings to claim gift paid and received by the parties. Therefore, we are of the considered view that the arguments of the assessee, she had received gift from her husband is only an afterthought that too more than two years from the date of search without any documentary evidences. Hence, we are of the considered view that the AO has rightly rejected the arguments of the assessee and accepted income declared including undisclosed income offered towards source for purchase of property. CIT(A) rightly apprised the facts and sustained the additions made by the AO and thus, we are inclined to uphold the findings of the Ld. CIT(A) and dismiss appeal of the assessee.
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