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2015 (8) TMI 879 - AT - Income TaxUnaccounted gifts - Held that:- A clear and categorical finding has been given by CIT(A) that the gift was stated to be made by an unrelated donor of the assessee (claimed to be cousin sister) but no evidence of relationship is brought on record. He has also noted that in Punjabis, it is considered an immorality to take money from sister. He has also noted that there was no relationship between the assessee and the donor and no occasion was also specified for making the gifts. He has also given a finding that no Evidence has been furnished during appeal proceeding to prove creditworthiness of the alleged donor. Hence, we find that the decision of CIT(A) is on various basis such as, no relationship between the donor and the assessee donnee and even if there is relation, then it is considered immorality to take money from sister as has been claimed in the present case. The third basis is that there is no occasion also for making the gift. The fourth basis is that the creditworthiness of the donor is not established. Considering all these facts, we do not find any reason to interfere in the order of CIT(A) on this issue. - Decided against assessee. Unaccounted investment - Held that:- A categorical finding has been given by CIT(A) that during assessment proceedings, the assessee was asked to establish the source of fund in the hands of his wife but no evidence of availability of funds in the hands of his wife was provided and therefore, the claim of the assessee that a double addition has been made is unsubstantiated. CIT(A) has given a categorical finding that the assessee has brought no evidence on record to show that investment was indeed made by his wife out of her funds because no funds are available with wife of the assessee. She is only a name lender to the transaction and on this basis, the addition was made substantive in hands of the assessee and he confirmed the same. Thus find no reason to interfere in the order of learned CIT(A) on this issue in assessment year 2005-06 also.- Decided against assessee.
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