TMI Blog2020 (10) TMI 186X X X X Extracts X X X X X X X X Extracts X X X X ..... ift. - Decided in favour of assessee. - ITA No.5544/Mum/2012, 5540/Mum/2012, 5541/Mum/2012 (Assessment Years 2003-04, 2004-05) - - - Dated:- 7-7-2020 - SRI MAHAVIR SINGH, VP AND SRI MANOJ KUMAR AGGARWAL, AM Appellant by: Shri Nishit Gandhi, AR Respondent by: Shri Sreekar, CIT DR ORDER PER BENCH: These matters were taken up for hearing through Video Conferencing mode. These three appeals by the two different assessees are arising out of the orders of Commissioner of Income Tax (Appeals)-37, Mumbai in Appeal Nos. CIT(A)-37/I.T.483 to 489/ACCC-13/11-12 CIT(A)-37/I.T. 504 to 508/ACCC-13/11-12 even date 27.06.2012. The Assessments were framed by the Asst. Commissioner of Income Tax, Circle 13, Mumbai (in short ACI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng on record all the relevant documentary evidences; (ii) all the gifts received by the Appellant were genuine gifts; and (iii) the action of the Assessing Officer in making the alleged addition was based purely on surmises, suspicion and conjectures. 4.3 It is submitted that in the facts and the circumstances of the case, and in law, no such addition was called for. 5. Briefly stated facts are that a search under section 132 of the Act was conducted in the case of Shri Jayant B. Patel and connected persons including assessee on 10.01.2007, consequent to this search, certain materials were found and additions were made which were subject matter challenged before but not challenged by assessee rather these grounds are wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 52, 5554/Mum/2012 7524/Mum/2013 for AYs :2001-02 to 2007-08 order dated 10.08.2016, wherein the Tribunal has considered this issue in great detail in Paras 17 to 26. Finally, Tribunal held as under: - Respectfully following the proposition of law discussed in the above judicial pronouncements, we do not find any merit for the addition made by the AO with respect to gifts received by assessee in A.Y.2003-04 2004-05, which were not pending on the date of search and no incriminating material was found during search with regard to these gifts. Accordingly, addition of gifts made by AO when no incriminating materials was found during the course of search is not sustainable. The AO is directed to delete the same. Since we have already ..... X X X X Extracts X X X X X X X X Extracts X X X X
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