TMI Blog2020 (1) TMI 656X X X X Extracts X X X X X X X X Extracts X X X X ..... s explained under Section 56 of the Act. We are convinced with the reasons assigned by the appellate tribunal. We are of the view that none of the questions of law formulated in the memorandum of the tax appeal could be termed as substantial questions of law. - R/TAX APPEAL NO. 721 of 2019 - - - Dated:- 13-1-2020 - HONOURABLE MR.JUSTICE J.B.PARDIWALA And HONOURABLE MR. JUSTICE BHARGAV D. KARIA MRS MAUNA M BHATT FOR THE APPELLANT ORDER ( PER : HONOURABLE MR. JUSTICE J.B.PARDIWALA ) 1. This tax appeal under Section 260A of the Income Tax Act, 1961 [for short 'the Act, 1961'] is at the instance of the revenue and is directed against the order dated 24th January 2019 passed by the In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en explanation (ii) and (viii) are read, as required, together. I have perused the provisions. I firstly find, as submitted by the AR, that there is no mention of blood relative in the whole section. Receipts exceeding ₹ 50,000/without consideration is taxable u/s.56 unless saves by proviso. Explanation defines relatives , and as per clause (ii) read with clause (vii), the sister's husband is also a relative. Thus, I am in absolute agreement with the Ld. AR that the Ld. AO's attempt to somehow read blood relative in proviso, when plainly and clearly only relative is mentioned and is defined in proviso to s.56, shows that the Ld. AO has misread the provisions and applied the same unreasonably. I am satisfied, in view of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or genuineness of the transaction though doubted by the learned AO, the same has not been proved by any cogent document in favour of the revenue. Further that we find that the Learned AO acted beyond his jurisdiction by raising doubts regarding the relationship of the assessee and the donor ignoring the statutory provision in this regard as already been highlighted by the assessee before him in his written reply dated 04.02.2015. Without rebutting the submission made by the assessee the order of addition was made by the Learned AO. Further that, whether the gift so received by the assessee from his brother-in-law is exempted from tax under section 56 of the Act has been considered on a wrong notion. Instead of relative as provided by the st ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... her on the facts and circumstances of the case and in law, the Appellate Tribunal is right in deleting the addition of ₹ 5,00,00,000/without appreciating that the so called claim of gift received was without any reason or occasion? 4. Having heard the learned senior counsel appearing for the appellant Revenue and having gone through the materials on record, we take notice of the fact that the tribunal took into consideration the details of the donor, more particularly, the PAN number, capital gain statement, bank statements and the other relevant documents. Upon perusal of the same, the tribunal concurred with the findings recorded by the CIT (Appeals) as regards the genuineness of the transaction. The tribunal, thereafte ..... X X X X Extracts X X X X X X X X Extracts X X X X
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