2013 (5) TMI 306

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....nly issue in this appeal of assessee is against the order of CIT(A) confirming the addition of unexplained gifts received by assessee from Shri Joy Prakash More at Rs.1 lakh and further gift received from Shri Kailash Kumar Khater at Rs.1 lakh. 3. Briefly stated facts are that the assessee has received gifts amounting to Rs. 1 lakh each from Shri Joy Prakash More and Shri Kailash Kumar Khater of 205, Rabindra Sarani, 3rd floor, Kolkata-7 and 32, Ezra Street, Room No. 755, Kolkata-1 respectively. The assesee before the AO filed complete details and assessment particulars of both the donors including details of income tax returns, bank statements and PAN Card. The assessee also submitted addresses of these donors. The AO issued summons for....

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.... from salary of Rs.75000/- and commission & brokerage of Rs.52943/-. But yet he managed to gift an amount of Rs.100000/-, when he hardly got any credibility to make a gift of a sum of Rs.100000/- to a person who is much more wealthier than him. The donor is not related to the assessee. The identity of the person remains unverified in view of thefact that the A/R failed to produce the donor. Thus, the preliminary onus of the assessee has not been discharged." 4. Aggrieved, assessee preferred appeal before CIT(A), who also confirmed the action of AO. Aggrieved, now assessee is in appeal before us. 5. We have heard rival submissions and gone through facts and circumstances of the case. Before us, Ld. counsel for the assessee filed paper ....

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....ditor is assessed under the Act, the Assessing officer should enquire from the Assessing Officer of the creditor as to the genuineness of the transaction and whether such transaction has been accepted by the Assessing officer of the creditor but instead of adopting such course, the Assessing officer himself could not enter into the return of the creditor and brand the same as unworthy of credence. So long it is not established that the return submitted by the creditor has been rejected by its Assessing Officer, the Assessing officer of the assessee is bound to accept the same as genuine when the identity of the creditor and the genuineness of transaction through account payee cheque has been established. We find that both the Commissi....