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Krishan Kumar Palta Versus Commissioner of Income Tax, Chandigarh

2015 (9) TMI 964 - PUNJAB & HARYANA HIGH COURT

Receipt of capital account transactions as a gift rejected - treating the same as income being of a revenue nature - Held that:- It has been categorically recorded by the Tribunal that the assessee has not been able to show any relationship with the donor and therefore there could not be any love and affection with the non relative. The assessee had not produced any evidence to show close relationship between him and Abinashi Lal Bajaj. In his statement, Mr. Bajaj also stated that he had not mad .....

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JJ. For the Appellant : Mr Sachin Bhardwaj, Adv For the Respondent : Ms Urvashi Dhugga, Adv JUDGMENT Ajay Kumar Mittal, J. 1. Allowed as prayed for. The documents appended as Annexure R.1 (Colly.) are taken on record. CM stands disposed of. ITA No.10 of 2015 2. This appeal has been preferred by the assessee-appellant under Section 260A of the Income Tax Act, 1961 (in short, "the Act") against the order dated 21.4.2014, Annexure A.10 passed by the Income Tax Appellate Tribunal, Chandig .....

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tantiating the genuineness of gift, is unwarranted specifically without cross examination of the donor? iii)Whether the chargeable income is to be in the hands of the beneficiary and the charge has to be on the real income of the assessee as emerging from the material facts containing material particulars in accordance with Income Tax Officer vs. Atchaiah, (1996) 1 SCC 417? 3. A few facts relevant for the decision of the controversy involved as narrated in the appeal may be noticed. The appellan .....

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was processed under Section 143(3) of the Act on 14.5.2001. On 4.3.2005, notice for reassessment proceedings was issued under Section 148 of the Act and was served on the appellant on 9.3.2005 stating that the appellant had concealed the income of ₹ 10 lacs in the garb of alleged gift which was chargeable to tax and which income had escaped assessment. In reply to the notice, the appellant stated that the original return filed by him may be treated as return filed in response to the notice .....

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d by the donor were submitted. Since the donor was not cooperating and to avoid litigation, the appellant surrendered ₹ 10 lacs subject to no penal action under the Act. The Assessing Officer not satisfied with the reply made addition of ₹ 10 lacs treating the gifts as undisclosed income vide order dated 28.2.2006, Annexure A.4. Aggrieved by the order, the assessee filed appeal before the Commissioner of Income Tax (Appeals) [CIT(A)]. Vide order dated 23.1.2009, Annexure A.7, the app .....

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le to show any relationship with the donor and therefore there could not be any love and affection with the non relative. The assessee had not produced any evidence to show close relationship between him and Abinashi Lal Bajaj. In his statement, Mr. Bajaj also stated that he had not made any gift to any person. Only pay order had been given in lieu of cash. It was thus clear that the gift was not genuine. The gift requires a close association between the donor and the donee except where gifts ar .....

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the assessee which fact becomes clear from the letter written by the Assessing Officer on 9.1.2006 which is as under:- 'You have received a gift amounting to ₹ 10 lakhs from Abinashi Lal Bajaj. The statement of Bajaj was recorded by the ADIT (Inv.) II, Chandigarh. In his statement Shri Bajaj has stated that he has not made any gift to any person; only pay order has been given in lieu of cash. It is quite clear from the above facts that the gift is not genuine. You are requested to furn .....

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