If deduction is to be taken than the genuineness of the gift must to proof otherwise disallowed
Last updated: 10 February 2012
Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
On the observation the following facts are found:-
i) On the facts and in the circumstances of the case and in l aw the learned CIT(A) erred in sustaining the addition to total income of Rs.5,00,000/- received as gift on 23rd August, 2004 which was not includible in computing the total income as the same was not an income and being a capital receipt not includible in computing total income.
ii) On the facts and in the circumstances of the case and in law the learned CIT(A) erred in sustaining the addition Rs.5,00,000/- to total income by disbelieving the gift and by alleging that this gift is nothing but accommodation entry and the same is lacking proof and in sustaining the addition though it was a capital receipt not includible in total income.
Citation :
Shri Pradeep Kumr O Bhala B-86, Shridhar Smruit No. 2 Devidas Extension Road Borivali (W), Mumbai 400103 PAN - ABJPB 2081 L Appellant Vs.Income Tax Officer (3) 2 Thane........ Respondent
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CS Bijoy
Published in Income Tax
Views : 1352
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