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2014 (6) TMI 842 - ITAT MUMBAIConfirmation of addition – Receipt of gifts from son – Held that:- The documents are prima–facie sufficient to hold the genuineness of the transactions and also the source of the credit entries made in the assessee’s book - The creditworthiness and the capacity of the donor also cannot be doubted also for the reason that he is the managing director of the British company through which he has remitted the sum and has also confirmed the same before the AO in person - his Balance Sheet filed in India shows investment of more than Rs. 10.25 crores as on 31st March 2008 - once all these documents and evidences have been furnished, the primary onus of the assessee stands discharged and the onus shifts upon the AO to prove that the assessee’s explanation as well as the evidences are not tenable on the basis of any material collected by way of enquiry. Simply because such a transaction of gift has not been mentioned in the income tax return of income of the donor filed in India, it cannot lead to any inference that he did not had the capacity - being a resident of U.K., he is required to disclose the source in the return of income filed in the U.K - factum of gift transaction is between son and father, there was no reason to hold that such a gift is not genuine – thus, the order of the CIT(A) is set aside – Decided in favour of Assessee.
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