TMI Blog2015 (4) TMI 59X X X X Extracts X X X X X X X X Extracts X X X X ..... e donor who gifted ₹ 9.60,000/- to the assessee - Held that:- Gift of ₹ 9.60 lakhs which was received by the respondent-assessee from her sister in U.S.A. was found to be the gift given by close relative who was a capable donor on the basis of the evidence produced before the Authorities by the respondent-assessee. The aforesaid concurrent finding of the Authorities are finding of fact and have not been shown to be perverse or arbitrary in any manner. The conclusion reached by the Authorities under the Act are reasonable, we see no reason to interfere with the same - Decided against revenue. - Income Tax Appeal No. 1029 of 2013 - - - Dated:- 10-3-2015 - M. S. Sanklecha And G. S. Kulkarni,JJ. For the Appellant : Ms S V Bh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has proved the capacity and creditworthiness of the donor who gifted ₹ 9.60,000/- to the assessee, without appreciating the fact that in spite of providing ample opportunities the assessee has not complied to the notices during assessment proceeding and the CIT (Appeals) ought to have rejected the claim of the assessee during the appeal proceedings being contravention to Rule 46A(1) of the Income Tax Rules,1962 ? 2. The respondent-assessee is engaged in the activities of dress designing and T.V.Serial productions. For the Assessment Year 2003-04 the respondent-assessee had filed return of income declaring income of ₹ 6.72 lakhs alongwith Tax Audit report under Section 44AB of the Act. The respondent-assessee did not attend ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... report. However, no remand report on that count has been placed on record by the Assessing Officer. So far as the gifts are concerned, the Commissioner of Income Tax (Appeals) while deciding the appeal held that the gift of ₹ 9,60,000/- received by the respondent-assessee from her sister was genuine as same came out of a compensation awarded to her amounting to US $ 36,000 out of which sum of US $ 20,000 i.e. equivalent to ₹ 9,60,000/- has been gifted to the respondent-assessee. This was considered to be sufficient explanation to indicate that she has sufficient means and is sister of the appellant and thus held that no addition on the aforesaid count is called for. 4. On further appeal by the Revenue, the Tribunal upheld th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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