TMI Blog2012 (5) TMI 420X X X X Extracts X X X X X X X X Extracts X X X X ..... This order will govern the disposal of ITA No. 36/2011, ITA No. 37/2011, ITA No. 38/2011 and ITA No. 39/2011 which have been filed under Section 260A of the Income Tax Act, 1961. 1.1 These appeals have been filed against the common order dated 28/3/2011 passed by ITAT. ITA No. 36/2011 and ITA No. 37/2011 are relating to assessment year 2000-2001 and 2001-2002 respectively in respect of the appellant Sushil Kumar Jain and ITA No. 38/2011 and ITA No. 39/2011 are relating to the assessment year 2000-2001 and 2001-2002 respectively in respect of the appellant Mukesh Kumar Ranka. 2. These appeals are heard on the question of admission analogously since they have been filed against the common order involving the same issues. 3. The a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with the same, the present appeals have been filed. 4. Learned counsel appearing for the appellant submitted that the revenue authorities as well as the ITAT have committed an error in holding the gift in question to be the collusive transaction and not accepting the genuineness of the gift. He submitted that for that purpose the proper test laid down in different judgments have not been applied and relevant factors have not been taken into consideration. 5. We have heard the learned counsel for the appellant and minutely perused the record of the case. This issue has elaborately been dealt with by the CIT (Appeals) who had examined the appellants in order to ascertain the genuineness of the transaction. Before the CIT (Appeals) th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and donee ever produced. No gift is ever made to the donor or their family members. Background of the case and surrounding circumstances also point out that the gifts are not genuine. By planning one can always create documents of gift deed, obtain gift by cheque etc but this does not in any way make the gift a genuine one". 6. The ITAT, after appreciating the matter has affirmed the findings of assessing officer and CIT (Appeals). The ITAT, after considering the mater on record held that:- "We have considered the rival contentions, carefully gone through the orders of the authorities below and find from record that both the assessee were in receipt of huge amounts of gift either in their own name or in the names of their family memb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... question of law. 9. Learned counsel for appellant has further placed reliance upon the judgment of Gauhati High Court in the matter of Nemi chand Kothari v. CIT [2003] 264 ITR 254/[2004] 136 Taxman 213. The Division Bench of the Gauhati High Court has taken the view that in order to establish the receipt of a cash credit, the assessee must satisfy three conditions i.e. (1) identity of the creditor (2) genuineness of the transaction and, (3) creditworthiness of the creditor. In the present case, the appellants have failed to satisfy the genuineness of the transaction as well as the creditworthiness of the creditor, therefore, no error has been committed by the Tribunal as well as the revenue authorities in rejecting the appellants ..... X X X X Extracts X X X X X X X X Extracts X X X X
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