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2015 (1) TMI 472 - PUNJAB & HARYANA HIGH COURTGenuity of gifts - Held that:- The order passed by the Tribunal having been implemented by the Assessing Officer and having once again been set-aside, the controversy involved in the present petition has been rendered infructuous/academic, particularly in the light of the fact that we have affirmed the order of remand dated 04.12.2000 passed in appeals filed by the assessee. There is no error of law in the exercise of jurisdiction by the Tribunal in holding the gifts made by Sh. Surinder Kumar Maheshwari to the Assessee and his two brothers almost in equivalent amounts to each to be genuine without adjudicating upon the capacity of the donor and in directing the A.O. to reconsider the genuineness of the gifts when the addition made by treating the gift as not genuine is justified. Whether the Tribunal was right in law in directing that if any addition is sustained in the hands of the Assessee, the same should be off-set with the surrender in the firm in which the Assessee is a partner to the extent of his share is open to be answered.
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