TMI Blog2013 (10) TMI 314X X X X Extracts X X X X X X X X Extracts X X X X ..... rs along with computation and balance sheet - All the donors were assessed to tax except one who was based at USA - Identity of the donors so also creditworthiness and genuineness of the transaction having been established, gifts were not bogus. Reliance is also placed upon the judgment of Hon’ble Gujarat High court in the case of Muralidhar Lahorimal v. Commissioner of Income-tax [2005 (11) TMI 32 - GUJARAT High Court], wherein identity of the donor had been established beyond any semblance of doubt and genuineness of the transaction was also established not only by the receipt of bank draft but also by other contemporaneous record. - Decided against the revenue. - TAX APPEAL NO. 712 of 2012 - - - Dated:- 21-2-2013 - AKIL KURESHI A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Income tax Act. Although confirmations were received, no reply was received and hence after a detailed discussion, the said amount was added to the income of the assessee. He also found absence of personal appearance of assessee objectionable. Absence of any relations between the donor and donee and a wide gap in their economical strata also weighed with the Assessing Officer in disbelieving genuineness of such gifts of huge sum. 3. Aggrieved by such addition, when challenged by the assessee before the CIT(Appeals), it also concurred with the findings of the Assessing Officer. CIT (Appeals) also was of the opinion that the occasion which necessitated these gifts was not specified. The same have been given on a particular day by the donor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the learned counsel and on having examined the materials on record with her assistance, this Tax Appeal is not entertained for the reasons to follow hereinafter. 8. Before adverting to the facts of this case, decision sought to be relied upon, rendered in case of P. Mohanakala (supra) need to be discussed where the Apex Court has held that the burden is on the assessee to take the plea that even if the explanation is not acceptable, the material and attending circumstances available on record do not justify the sum found credited in the books being treated as a receipt of the income. 9. In the matter before the Apex Court the assessee had received foreign gifts from one common donor and payments were made by instruments issued by forei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... based at USA. On thus having found identity of the donors so also creditworthiness and genuineness of the transaction having been established, Tribunal did not accept the say of the Revenue that the gifts were bogus. 12. Tribunal also relied on the decision of this Court rendered in case of Muralidhar Lahorimal v. Commissioner of Income-tax reported in (2006) 280 ITR 512(Guj.). In the said decision also identity of the donor had been established beyond any semblance of doubt and genuineness of the transaction was also established not only by the receipt of bank draft but also by other contemporaneous record. The Revenue although in that case also was not satisfied with the source of fund in the hands of donor and yet, the Court held it wa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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