9911796707
TMI Blog2018 (2) TMI 1367X X X X Extracts X X X X X X X X Extracts X X X X ..... ANKAMONY, ACCOUNTANT MEMBER Appellant by : Shri K. Meenatchi Sundaram, CA Respondent by : Shri AR.V. Sreenivasan, JCIT ORDER PER N.R.S. GANESAN, JUDICIAL MEMBER: This appeal of the assessee is directed against the order of the Commissioner of Income Tax (Appeals)-5, Chennai, dated 03.08.2017 and pertains to assessment year 2014-15. 2. The first issue arises for consideration is with regard t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he order of Cochin Bench of this Tribunal in Rajesh Kumar v. ACIT (2012) 24 taxmann.com 133, the Ld. representative submitted that when on identical circumstances, a gift was received, it was held that it is not taxable. 4. Shri K. Meenatchi Sundaram, the Ld. representative for the assessee, submitted that the next ground of appeal is with regard to addition made by the Assessing Officer. Accordi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the assessee was all along claiming the liability of 69,42,446/- as a trading liability. Subsequently, the assessee changed his stand and claimed that it was a gift. According to the Ld. D.R., when it was a trading liability, it cannot be a gift at all. Therefore, according to the Ld. D.R., the CIT(Appeals) has rightly confirmed the order of the Assessing Officer. 6. Referring to the disallow ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ties below are set aside and the addition of 69,42,446/- is remitted back to the file of the Assessing Officer. The Assessing Officer shall re-examine the matter in the light of the material that may be filed by the assessee. Thereafter decide the issue after recording his finding whether it is a trading liability or gift, in accordance with law, after giving a reasonable opportunity to the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Assessing Officer. The Assessing Officer shall reexamine the matter afresh in the light of the copy of partnership deed that may be filed by the assessee and thereafter decide the issue afresh in accordance with law, after giving a reasonable opportunity to the assessee. 9. In the result, the appeal filed by the assessee is allowed for statistical purposes. Order pronounced on 16th Februa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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