TMI Blog2018 (4) TMI 20X X X X Extracts X X X X X X X X Extracts X X X X ..... enue by Shri Waseem Arshad, Sr.DR. ORDER This is assessee s appeal for assessment year 2003-04, taking the following grounds: 1. That on the fact and circumstances of the case and in law and in view of the matter, The learned authority below have erred in making addition and upholding the addition of ₹ 3,00,000.00/- gift of property received U/s 68 of IT Act 1961. 2. That on the fact and circumstances of the case and in law and in view of the matter, The learned authority below have erred by passing the order and upholding the order without disposing the, objection of assessee against the notice U/s 148 of IT Act. 3. That on the fact and circumstances of the case and in law and in view of the matter, The lear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as the alleged bank account of the donor in one of the Branches of UCO Bank not exist. When the source of the funds as gift flowing into the account of Shri Yogendra Gupta was tracked down it was found that it was coming from one of the several account opened in the names of three persons jointly in Ranipura Branch of UCO Bank where later on the account was closed and also the branch was closed, when statement of those bank account was obtained, it was found that cash was deposited and cheques were issued to various persons and those persons have shown such money as gift in their accounts. The details of the cheques issued from these account holders on their given addresses to the bank were returned back unserved. The cases of those benefic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 113856.00 To PPF 31000.00 by Rent 20000.00 To Bond 20000.00 by Net income 79180.00 To Drawings 18000.00 by FDRs interest 34522.00 To Balance C/ T 528104.00 by Interest 975.00 by NSC interest 10176.00 by NSC received on death brother 30000.00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eged receipt of gift as to when the gift was received by whom it was given, what was the mode of the gift, whether donee had money to gift, what is the reason of given gift, whether it was accepted by the assessee, whether it is supported by any girt deed or whether it was witnessed by any one etc. Thus, on account of nondisclosure of full and true facts about alleged gift, a sum of ₹ 300000.00/- should have been taxed as income of the assessee and to this extent therefore, income has escaped assessment. Accordingly, notice u/s 148(1) being issued in this case for the assessment year 2003-04. 5. The assessee contends that his objections (APB 29-31) dated 2.08.2006 against the reasons recorded by the AO were not disposed of by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s incumbent on the AO to dispose of the same by a separate speaking order before proceedings with the assessment. 9. In General Motors India P. Ltd. vs. DCIT , 354 ITR 244 (Guj.), it has been held as follows: The Assessing Officer is mandated to decide the objection to the notice under section 148 and supply or communicate it to the assessee. The assessee gets an opportunity to challenge the order in writ petition. Thereafter, the Assessing Officer may pass the reassessment order. We hold that it was not open to the Assessing Officer to decide the objection to notice under section 148 by a composite assessment order. The Assessing Officer was required to, first decide the objection of the assessee filed under section 148 and serve ..... X X X X Extracts X X X X X X X X Extracts X X X X
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