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of <h1>Petition dismissed; s. 263 order set aside as lower forum found gifts genuine and foreign receipts not assessee income</h1> The HC dismissed the petition, upholding the ITAT's factual finding that the alleged gifts were genuine and that the CIT's order under s. 263 could be set ... Cancellation of an order u/s 263 - Whether, the Income-tax Appellate Tribunal was correct in law in cancelling the order under section 263 of the Income-tax Act, 1961, passed by the Commissioner of Income-tax, as a result of failure on the part of the Income-tax Officer to make any enquiries regarding genuineness of the alleged gifts ? - HELD THAT:- In our opinion, the Tribunal had, on merits, come to the conclusion that the gifts were genuine. This is a pure, question of fact. The Tribunal has examined the evidence which was available on the record and has arrived at the aforesaid finding. Even though it may be surprising as to how large sums of money are received by a family in India by way of gifts from strangers from abroad, unless there is something more tangible than suspicion, it will be difficult to regard the moneys received in India from abroad as representing the income of the assessee in India. On the facts as existing on the record, we are unable to come to the conclusion that any question of law arises. The petition is dismissed. Issues involved: Interpretation of u/s 263 of the Income-tax Act, 1961 regarding genuineness of gifts not taxed by the Income-tax Officer.Summary:The High Court of Delhi dismissed a petition seeking reference of a question of law regarding the cancellation of an order u/s 263 of the Income-tax Act, 1961. The Commissioner of Income-tax had set aside the Income-tax Officer's order due to lack of inquiry into the genuineness of gifts from abroad not taxed. The Tribunal, after reviewing the donors' balance-sheets, upheld the Income-tax Officer's decision on the genuineness of the gifts and found no error in his approach. The Court held that the Tribunal's factual determination on the genuineness of the gifts was conclusive, emphasizing the need for tangible evidence to treat foreign gifts as income in India. The petition was dismissed as no question of law was found to arise from the facts on record.
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