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Manish Bansal Versus Income Tax Officer

2015 (9) TMI 1117 - PUNJAB & HARYANA HIGH COURT

Treating the gift as unexplained income - whether Tribunal is justified in upholding the addition of ₹ 1,75,000/- received as gift by the appellant from his sister especially considering the fact that an amount of ₹ 5,00,000/- also received as gift from the same sister was allowed to be deducted by accepting the same Income Tax Return and bank Statement? - Held that:- A perusal of the order passed by the Tribunal shows that no cogent and convincing reasons have been given by the Trib .....

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hal, Adv For the Respondent : Mr Yogesh Putney, Adv ORDER Ajay Kumar Mittal, J. 1. The assessee-appellant has filed this appeal under Section 260A of the Income Tax Act, 1961 (in short, "the Act") against the order dated 28.8.2014, Annexure A.3 passed by the Income Tax Appellate Tribunal, Chandigarh Bench 'B', Chandigarh in ITA No.953/CHD/2011 for the assessment year 2007-08, claiming following substantial questions of law:- "i) Whether the learned authorities below were j .....

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urn and bank Statement?" 2. A few facts relevant for the decision of the controversy involved as narrated in the appeal may be noticed. Assessment was framed on 4.12.2009 under under 143(3) of the Act for the assessment year 2007-08 wherein inter alia amounts of ₹ 5 lacs and ₹ 1,75,000/- were added as income which were received as NRI gifts from the appellant's sister. The Assessing Officer treated the said amounts as unexplained income vide order dated 4.12.2009, Annexure A .....

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ed from his income by the CIT(A). However, the amount of ₹ 1,75,000/- which also formed part of the same income tax return and bank statement was still considered as unexplained income and added to the income of the appellant. Thus, the appeal was partly allowed vide order dated 18.7.2011, Annexure A.2. The appellant filed appeal before the Tribunal. Further, an application for placing on record certain additional documents including the gift deed of ₹ 1,75,000/- was filed. The Tribu .....

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assessee-appellant had established that the gift received from his sister Mrs. Rashi Bansal of ₹ 1,75,000/- was genuine. According to the learned counsel, the Tribunal had accepted the gift of ₹ 5 lacs whereas no cogent reasons were given for discarding the gift of ₹ 1,75,000/-. 5. Learned counsel for the respondent on the other hand submitted that inspite of opportunity provided to the appellant, the assessee was unable to give a confirmatory letter or gift deed verifying tha .....

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