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2024 (3) TMI 428 - ITAT JODHPURAddition on account of diamond set received as gift by the appellant - Valuation of gift at cost of Acquistion or market value at the time of gift - The CIT(A) accepted the appellant's submission that the diamond set was indeed gifted by his late father. However, CIT(A) granted relief only to the extent of cost of Acquistion and confirmed the additions of difference amount between market value and cost - HELD THAT:- When the cost of acquisition is proved the market value as on the date of marriage difference of 2 lac can not be added as income of the assessee. The assessee also submitted that such gift given by father who alternatively expired on 06.01.2016 and therefore, the affidavit of the mother of the assessee submitted to supplement the assessee’s claim. Since this affidavit is not controverted by bringing any contrary to the matter. The statement made by the assessee supported by his mother’s affidavit that his father has given the diamond set gift for his daughter in law cannot be valued at market price when the CIT(A) has already considered the relief to the extent of Rs. 3 lac there is no reason to sustain the addition of Rs. 2 lac being the cost of diamond set and market value at the time of marriage. This set of fact supported by version of the assessee and his mother on affidavit we direct to delete the addition sustained by the CIT(A). With this observation the appeal of the assessee is allowed.
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