TMI Blog2015 (8) TMI 649X X X X Extracts X X X X X X X X Extracts X X X X ..... /s Keen Jade Ltd, a family owned concern, wherein the donor was one of the Directors, alongwith her husband and daughter-in-law. From the bank account of M/s Keen Jade Ltd, it is seen that on 5.2.2009 an amount of US$ 100,035. has been debited and has been credited to the bank account of the donor on 5.2.2009, itself. On the same date it has been remitted to the assessee's bank account in India. This fact is evident from the HSBC account of the donor. Thus, the flow of transaction and the financial capacity of the donor stands amply proved. Not only that, the assessee had also filed the Income Tax Return of M/s Keen Jade Ltd., wherein the donor has been shown as a Director of the Company. From all these details and evidence not only the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 4,33,514/-. During the course of the assessment proceedings, the AO on the perusal of assessee's capital account, and bank account noticed that the assessee has received a gift of ₹ 48,61,232/- from one, Smt. Kankawari Nahata. In response to the show cause notice, the assessee submitted that gift has been received by the donor, who is a relative residing in Hong Kong and has NRI status. She has remitted a sum of US$99,990/-, from her bank account, which is equivalent to ₹ 48,61,514/-, and was credited to the assessee's bank account on 6.2.2009. A copy of foreign bill transaction advice, copy of donor's pass-port and her bank account statement for the month of April and May 2009 were filed to prove the genuine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of gift was filed along with the details, outward remittance advice and, certificate issued by HSBC donor's bank and also by the Dena Bank, (bank account of the assessee). Besides, clarifying, the various discrepancies as pointed out by the AO, it was submitted that that immediate source of funds in the accounts of donor was from the bank account of M/s Keen Jade Ltd, which was family owned concern of the donor, wherein she was one of the directors. The financial statement of the said company was also filed which showed that the funds were transferred from M/s Keen Jade's bank account to the bank account of the donor and from there it was remitted to the assessee. The assessee's detailed submissions in this regard have been i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ter. The genuineness of the transaction can be seen from the remittance from donor's bank account to the assessee's bank account which has duly been supported by remittance certificate issued by HSBC bank and also from the certificate issued by the Dena Bank in India. Regarding financial capacity and creditworthiness, it was submitted by him that the donor was a director of M/s Keen Jade Ltd, a family owned concern and the money came from the bank account of the said company to her bank account and from there it has been remitted to India in assessee's bank account. In support of this contention, he showed the relevant bank entries and also pointed out all the relevant documents and evidence which have been placed in the paper b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... action and the financial capacity of the donor stands amply proved. Not only that, the assessee had also filed the Income Tax Return of M/s Keen Jade Ltd., wherein the donor has been shown as a Director of the Company. From all these details and evidence not only the genuineness of the transaction is proved but also the creditworthiness/financial capacity of the donor. The assessee's primary onus has been discharged. Here, in this case, the donor is a close relative who has given the gift confirmation in a gift deed giving all the particulars of the gift to the assessee. The reasoning given by the ld.CIT(A) is purely based on hypotheses and premises, like the gift always needs to be reciprocal and why would younger sister-inlaw will giv ..... X X X X Extracts X X X X X X X X Extracts X X X X
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