Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (10) TMI 874 - AT - Income TaxUnexplained deposits - genuineness of gift received by the father from his daughter - plea of the assessee that the said amount was received by the assessee through cheque from his daughter as gift which was received to her from her mother-in-law through banking channel out of amount of the accident claim of daughter's first husband - HELD THAT:- As per the provisions of section 56 the father and daughter comes in the definition of relatives and there is no bar for giving or taking gift inter se by them. The amount has been transferred to the account of the assessee from bank account of the daughter of the assessee - Also not been disputed that the daughter of the assessee namely Dr. Richa has been settled at USA, therefore, the assessee could not produce her before the AO - assessee has further explained the source of the donor also that the said amount was received by his daughter from her mother-in-law on account of accident claim of her former husband. No justification on the part of the CIT(A) to disbelieve the claim of the assessee on the basis that the daughter of the assessee has also gifted some money to her mother also - It is to be seen in the assessment of the income of the wife of the assessee but that fact has no relevancy so far as the facts of the present case are concerned. The claim of the assessee has been denied by the CIT(A) merely on the basis of assumption, which, in our view, is not justified. Assessee has duly proved the source of deposit which admittedly has been transferred in to the account of the assessee though banking channel from the account of his daughter. No merit in the order of the CIT(A) and the same is accordingly set aside and the impugned additions stand deleted. - Appeal of the assessee stands allowed
|