Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (6) TMI 112 - AT - Income TaxAddition u/s 69 - cash deposits unexplained - cash-gift received - time gap between gifts received and cash deposited in bank a/c. - HELD THAT:- CIT(A) observation regarding his observation that gifts were made in cash and not through banking channel, we find merit in the submission of Ld. AR that the assessee’s father received sale consideration of property in cash and that is why he made cash gift to assessee. Regarding cash-gift received from mother, we find merit in the submission of Ld. AR that mother being a lady used to keep cash with her. In fact, this practice of ladies keeping cash is widely known to everyone. Therefore, making a gift of Rs. 1,50,000/- out of such cash held by her, is justified. Regarding another observation of CIT(A) that the assessee had not specified any occasion i.e. birth-day, wedding anniversary, etc. on which the gifts were given although normally people give complementary gifts on these occasions, we find that the assessee has received gift from family members, namely father and mother for personal use which do not require any special occasion like birthday, marriage, etc. The affidavit given by donors, being father and mother, themselves speak that they made gifts to assessee for “personal use”. Therefore, the observations made by CIT(A) are mere suspicious an presumptions which are not strong enough to negate the assessee’s factual submissions. We accept all sources explained by assessee as genuine except the gift of Rs. 1,00,000/- claimed to have been received from grandmother wherein affidavit is given by assessee himself for supporting his own case, which unless corroborated by some independent or corroborative evidence, cannot be accepted. Decided in favour of assessee partly.
|