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2015 (1) TMI 787 - ITAT DELHIUnaccounted gifts - Addition made by CIT(A) - Held that:- From the above facts and circumstances, we find that even if the prayer of Ld. A.R. is accepted for readjudication, no fruitful purpose will be served as already a period of more than 12 years has passed after giving the so called gift and it is not possible that donor will recollect all things which he had not been able to answer after a period of 6 years from the date of making gifts. Further, we find that Ld. A.R. during proceedings before lower authorities or before us could not bring to our notice any other additional evidence other than already on record by which he would be able to prove genuineness and creditworthiness of donor. As find from the documents on record creditworthiness of donor and genuineness of gift is not proved because the assessee had no direct relationship with the donor and in the absence of any direct relationship, natural love and affection between the donor and donee was not established and neither any proof was filed before the authorities below or before us to substantiate that parties had extraordinary relationship. The donor himself has stated that he had been into export business up to 2003 which was closed due to losses. We are aware that a business is closed only after consistent losses in various years and therefore, a person who had incurred losses cannot be expected to give a gift to an unknown person and that too of a huge amount of ₹ 25 lacs. The donor had not given any gift to his close relatives including his brothers, sisters etc.. Cheques of gift were issued against cash deposited in the bank account and the cash was stated to be lying at home which is again against human probabilities. The donor had stated that cash was deposited out of cash lying at home and he had submitted that he does not remember the source of the said cash. - Decided against assessee.
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