2013 (10) TMI 313

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....ther the Appellate Tribunal has substantially erred in deleting the addition of Rs. 74,40,000/- on account of unexplained cash credit?      (B) Whether the Appellate Tribunal has substantially erred in nor properly appreciating the facts and the material on record and therefore the order of the Income Tax Appellate Tribunal is perverse?      Facts in this case are narrated in a capsulized form : 2. For the assessment year 2003-2004, respondent assessee had shown receipt of gifts to the tune of Rs. 74,40,000/- from 24 different persons received through 24 demand drafts issued in December 2002. The Assessing Officer doubted seriously the genuineness of the gift on various criteria adopted by hi....

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....tted before us that the Tribunal by its findings has attempted to shift the onus on the department by saying that motivation of gift transaction is irrelevant. She further submitted that all the 24 donors are unrelated and hail from a moderate economic strata and it is highly unlikely that on the very same day, they would all gift the assessee huge amount of gift with different demand drafts drawn from the same bank. 6. She heavily relied on the decisions of the Apex Court rendered in case of CIT v. P. Mohanakala reported in (2007) 291 ITR 278(SC) and decision of Punjab and Haryana High Court given in case of Subhash Chand Verma v. Commissioner of Income-tax and another reported in (2009) 311 ITR 239(P&H) She urged therefore that the fin....

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....ubhash Chand Verma (supra), is concerned, the Court held that mere identification of the donor and establishing movement of gift through banking channels, would not be sufficient to establish their genuineness. There are other criteria also which will be required to be considered at the time of considering the plea of genuine gift. 11. In the instant case, as can be noted from the findings of the Tribunal, Assessing Officer had not summoned any of the donors. However, it had issued the letters under section 133(6) of the Act. Assessing Officer had also called for confirmation letters which were received by it. The assessee also had furnished all other requisite documents like copies of DD, gift deed, copy of PAN cards, copy of acknowledg....