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TMI Blog2020 (11) TMI 298X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the Ld.AR that the only issue in the assessee's appeal is against the action of the Ld.CIT(A) in confirming the addition of Rs. 10 lakhs representing gifts received by the assessee from his parents of Rs. 5 lakhs each. It was a submission that the assessee and his parents were partners in a partnership firm doing the business of real estate in the name and style of M/s. Vedic Partners. The Ld.AR drew my attention to the paper-book filed, wherein he has submitted that the return copy of the partnership firms shows the capital account of the assessee and his parents, wherein the gift of Rs. 5 lakhs each to the assessee has been recorded. It was a further submission that the capital account of the assessee also records the gift he has re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... no correlation between the dates of withdrawal of money and the payment of cash. It was a further submission that as recorded by the Assessing Officer, there were no entries in the cash book of the firm. It was a submission that no evidence has been produced to show that the assessee had actually received the said gifts from the parents. It was a submission that the said amount of Rs. 10 lakhs is actually the unexplained cash of the assessee and the same had been rightly added by the Assessing Officer and confirmed by the Ld.CIT(A). 5. I have considered the rival submissions through video conference. On perusal of the assessment order shows that in para 6.6, the Assessing Officer recognizes that the origin or the source is the bank withdr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es recognize that the withdrawals are recorded. It is the evidence of the physical movement of funds that is being questioned by the Assessing Officer. The fact that the amounts have been withdrawn and nothing has been found to show that these funds which had been withdrawn had been used for any other purpose, the claim of the assessee that these funds have been gifted to him from his parents cannot be doubted. In these circumstances, I'm of the view that the gifts of Rs. 5 lakhs each received by the assessee from his parents are actually the withdrawals made by the parents from the partnership firm M/s. Vedic Partners. Consequently, the addition as made by the Assessing Officer and sustained by the Ld.CIT(A) stands deleted. 6. In the res ..... X X X X Extracts X X X X X X X X Extracts X X X X
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