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2023 (3) TMI 1034 - AT - Income TaxAssessment u/s 153A - existence of incriminating material / evidence found from the possession of appellant - time period for summary assessment under section 143(1) and for notice under section 143(2) - HELD THAT:- CIT(A) makes correct observation that the limitation to issue notice u/s 143(2) of Act was available and before that the search was conducted, so the assessment cannot be considered to be completed assessment. Ld. CIT(A) is right in aforesaid conclusions, as the time period for summary assessment under section 143(1) and for notice under section 143(2) of Act had not lapsed, so it is a case of pending assessment, which gets merged with assessment u/s 153A. Hence the principles laid down in Kabul Chawla case [2015 (9) TMI 80 - DELHI HIGH COURT] with regard assessment u/s 153A of Act have to be on basis of incriminating material found during search in case of completed assessment, do not benefit assessee. Therefore, this ground is decided against the assessee. Addition u/s 69A - Cash gifts receipts unexplained - HELD THAT:- Bench is of considered opinion that the cash/monetary gifts on the occasion referred by the assessee are either customary or out of token of love and affection and intended to be in lieu of material gifts reasonably given on the occasion or as good omen (shagun). These cash gifts, unlike Pin Money are ‘ a little something” or ‘spending money’ to be spent on trivial needs or to create a memory of the event and cash gift itself. When an assessee deposits these collected amounts of cash gifts in bank, and thus creates a capital or investment out of these cash gifts, the assessee is expected under law to offer a reasonable explanation of the sources and justification of the occasions and the relationships, to have received heavy denomination cash gifts or beyond threshold limits. Further that under what circumstances these cash gift amount got accumulated over the period, so as to be deposited a lump sum, in particular FY. In the case in hand there is nothing factual or substantial to disagree with the reasons of CIT(A). The burden was on assessee to give ‘ satisfactory explanation ’ for the purpose of Section 69A - Assessee certainly failed to bring forth evidence sufficient discharge that burden. So the Ld. CIT(A) was justified to sustain the addition - Decided against assessee.
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