TMI Blog2001 (1) TMI 219X X X X Extracts X X X X X X X X Extracts X X X X ..... during the Immunity Scheme, 1991, and declaration under the remittance in Foreign Exchange Scheme, 1991, duly verified and issued under the stamp and signature of the Bank Manager, State Bank of India, Race Course Road, Bangalore was also annexed with the return of income. In order to verify the genuineness of the declaration, a reference was made to the State Bank of India, Race Course Road, Bangalore, and in confirmation the Chief Manager confirmed that a demand draft bearing No. 768737, dt. 26th Jan., 1992 was issued the bank for the (sic) said sum. But it was also verified by them that the fund had come from resident depositor's account rather than from NRE account. The AO, therefore, held that the amount represented the concealed incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e. In such a case, the assessee should be given a reasonable opportunity to rebut the evidence on the basis of the information collected at his back. 5. Secondly, it is submitted that according to the AO himself as per the certificate said to have been obtained from the State Bank of India, Race Course Road, Bangalore, the fund came from a resident depositor's account. In such a case also, it cannot be the income of the assessee and the same has to be assessed in the hands of the account-holder from whose account the amount was transferred to the assessee. The AO also should have given a definite finding as to whether the amount was in the nature of loan or a gift to the assessee. In any case, there is no scope for treating it as income o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 's account. In such a case, it is necessary to find out the genuineness of this resident depositor and also find out whether the amount is the undisclosed income of that resident depositor or of the assessee. It will be necessary also to find out whether it is in the nature of loan or gift. Since the assessee has not been given full opportunity to furnish the details and rebut the findings given by the AO. I consider it fair and reasonable to afford another opportunity to the assessee to substantiate the claims. The order of the learned CIT(A) on this point is accordingly set aside and the issue is restored to the file of the AO with a direction that he will redecide the issue in accordance with law after giving full opportunity to the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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