TMI Blog2023 (12) TMI 583X X X X Extracts X X X X X X X X Extracts X X X X ..... bank statement, PAN and return of income of the donor and cash book and bank statement of the assessee which are available on record. On perusal of the cash book of the assessee, we note that there was sufficient cash available with the assessee which was arising out of withdrawal from the bank account. Thus, it can be safely concluded that there was sufficient cash available with the assessee to advance the gift to his brother. This fact has also not been disputed by the authorities below. It is equally important to note that the assessee first has received part of the gift before giving any gift to his brother in cash but what we find is this that there was sufficient fund available in the bank account of the brother and therefore it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee in the present case is an individual and filed his return of income declaring income of Rs. 24,210/- only. The assessee in the year under consideration has shown receipt of gift through banking channel for an amount of Rs. 67,00,000/- from his brother namely Shri Tejas R Mehta. The assessee in response to such gift has filed the copy of PAN of his brother, copy of computation of income and freshly made gift letters. However, the AO found that the income of the brother is not sufficient to grant such a huge amount of gift to the assessee. Thus, as per the AO, the creditworthiness for the gift was not proved based on financial capacity of the donor. Accordingly, the AO treated the same as bogus transaction and added to the total incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ained income of the assessee. 6. Ld. CIT(A), called for the remand report vide letter dated 23/12/2016 for gift of Rs. 70 lacs given by the assessee to the donor being his brother. The AO vide letter dated 10/03/2017 furnished the remand report reiterating that there was no capacity of Shri Tejas Mehta to extend gift of Rs. 67 lacs to the assessee. The AO in the remand report also submitted that the assessee has claimed to have given gift to the brother of Rs. 70 lacs in cash on different occasions but most of such cash entries did not match with the cash book of donor. As such, the amount given by the assessee in cash to his brother as gift was not reflected in the cash book of his brother. 7. The assessee in rejoinder submitted that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submitted that the gifts received were directly sourced by the gifts given. From above facts and circumstances, I find that the assessee at assessment stage never claimed that the assessee had given gifts to the Tejas Mehta. This is an important fact in the matter. It is at appellate stage that he claimed that AO did not appreciate that assessee had given a gift of Rs. 70 ,00,000/- to Tejas Mehta. It is very peculiar that the assessee when confronted with the issue at assessment stage kept quiet above any sums donated by him to Tejas Mehta. It was for assessee to make such claim and prove it at assessment stage. It is totally fallacious on part of assessee to claim that AO should have appreciated this fact when no such claim was made b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ity of donor and genuineness of gift and accordingly the addition is confirmed and ground of appeal is rejected. 9. Being aggrieved by the order of Ld. CIT(A), the assessee is in appeal before us. 10. The Ld. AR before us filed a paper book running from pages 1 to 183 and other details on the direction of the ITAT running from pages 1 to 120 and contended that all the details were duly provided to the AO during assessment/remand proceeding. There were sufficient funds available with the donor to advance the gift to the assessee which can be verified from the bank statement. 11. On the other hand, Ld. DR vehemently supported the order of the authorities below. 12. We have heard the rival contentions of both the parties and perus ..... X X X X Extracts X X X X X X X X Extracts X X X X
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