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Kailash Chand Gupta Versus Assistant Commissioner of Income Tax, Kota

2016 (11) TMI 1181 - RAJASTHAN HIGH COURT

Unexplained gifts - Held that:- Despite ample opportunity being afforded and calling upon the assessee as to whether there was any occasion or celebration due to which the gift was given to the assessee from the donor in the past or in further the do .....

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eal No. 160/2016 - Dated:- 29-8-2016 - K. S. Jhaveri And Ajay Rastogi, JJ. For the Appellant : Purvi Mathur ORDER Office has pointed out that there is a delay of 6 days in filing present appeal for which separate application has been filed seeking co .....

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on Act stands allowed and the delay is accordingly condoned. Heard on merits. The appellant-assessee filed return of income for assessment year 2003-2004 on 20/11/2003. A notice u/s 148 was issued on 24/3/2010 after recording reasons. In response to .....

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(2) & 142(1) were served on assessee on 13/8/2010. During the course of inquiry, it revealed that assessee is in the list of beneficiaries, who had received gift of 5.00 lacs in assessment year 2003-04 from Shri Ramnik on 25/1/2003 and accordingl .....

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10. His defence was that he received a gift of ₹ 5.00 lacs which he had received from the donor and amount was transferred from the bank account of the donor Shri Ramnik, which was deposited in his bank account on 22/1/2003. It was not found ge .....

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i Ramnik Agarwal and sum of ₹ 5.00 lac was immediately deposited in the account before it is given to the assessee. The revenue considered the return filed by Ramnik Agarwal, which shows that the above person was not having capacity to give abo .....

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see from Shri Ramnik could not be held to be genuine. The order of the Assessing Officer dt. 30/11/2010 was subject matter of challenge at the instance of the assessee before the Commissioner of Income Tax (Appeals), Ajmer. While accepting the reason .....

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missioner was a subject matter of challenge before the ITAT and apart from what is being observed by the CIT (Appeals) while rejecting the explanation of the assessee which has been referred to in para 5 & 7 of the impugned order dt. 12/4/2016, t .....

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