TaxTMI 
TaxTMI 
2013 (1) TMI 232
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.... year 2003-04 admitting a total income of Rs. 3,34,500/- including income from other sources of Rs. 60,000/- earned by him during the previous year. He also admitted agricultural income of Rs. 40,000/-. The return was processed under Section 143 (1) on 19-01-2004. The assessing officer suspected that some income chargeable to tax had escaped assessment and issued a notice under Section 148 on 11-10-2005 calling for return of income for the assessment year 2003-04. In response to this, the assessee's authorized representative filed a letter dated 07-11-2005 stating that the return filed for the assessment year 2003-04 on 10-03-2002 may be treated as return filed in response to notice under Section 148. Thereafter notice under Section 143 (2)....
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....amount of Rs. 7,76,750/- was received by the assessee. The assessing officer vide letter dated 26-12-2006 requested the assessee to furnish proof regarding receipt of gift of remaining amount of Rs. 15.00 lakhs on or before 28-12-2006. The assessee filed a confirmation letter from the NRI, N. Mohan wherein he confirmed that he paid Rs. 15.00 lakhs to the assessee who was his relative during the financial year 2002-03 apart from the official remittance in foreign currency to his account. The assessee in a letter dated 27-12-2006 informed the assessing officer that the donor is available in town due to the demise of his mother-in-law, furnished the complete details of the addresses and mobile numbers of the donor to the Revenue for verificati....
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..... 2.00 crores and as on the date of filing of the appeal he owns a software company of worth U.S. $ 25 million (Rs. 100 crores). The assessee filed another confirmation letter dated 10-07-2007 from the donor in the form of a certificate stating about his financial creditworthiness and therein the donor also stated that his gifts to the assessee are to help his extended family back home, that they are genuine, that during the same period he had donated more than Rs. 2.00 crores to rebuild a government school, constructed a guest house for Sree Sitaramachandra Swami temple at Bhadrachalam and also gave money for a number of charitable causes. He enclosed the return of income filed in U.S. by him showing the status and financial position. The ....
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....ness of the donor and also the transaction of gift given by him to the assessee as the assessee and his children were his relatives. The Tribunal therefore reversed the orders passed by the CIT (Appeals) and the assessing officer and held that the Revenue's contention that the genuineness of the gifts by the donor to the assessee were not proved by the assessee is not correct, that on the basis of conjunctures and surmises the assessing officer had held that the gift was not genuine without taking any steps to examine the donor or making any independent enquiry from the donor with regard to the gift. It also held that entries found in bank pass books which are not regular books of accounts cannot be included under Section 68 of the Act and ....