2013 (12) TMI 198

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....ing Counsel for Income Tax Department JUDGMENT (The Judgment of the Court was made by Chitra Venkataraman, J.) The assessee seeks admission of the Tax Case (Appeal) on the following questions of law: "1. Whether on the facts and circumstances of the case, the Income Tax Appellate Tribunal is right in holding that the assessee has to produce the cash flow statement of the donor and prov....

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....e ingredients of a gift? 5. Whether on the facts and in the circumstances of the case, the addition under Section 68 of the Income Tax Act in the hands of the assessee would not result in double taxation especially when the gift is made out of the taxed income of the donor?" 2. The assessment year under consideration is 2008-2009. The assessee is an individual carrying on business in share t....

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....en that the said donor had a liability of Rs.25,09,921/- during the financial year 2007-2008. In the absence of any compelling reason and materials to show as regards the genuineness of the gift, the said amount was sought to be assessed under Section 68 of the Income Tax Act, 1961. Apart from the said fact, the assessee had debited a sum of Rs.1,55,234/- towards car maintenance. The assessee was ....

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....e Tribunal, who found as a matter of fact that the assessee had not placed any material before the Authority to substantiate the receipt of Rs.7,50,000/- as gift from his brother, in the context of the query raised by the Officer on the cash flow statement of the donor. This was necessitated to prove the credit worthiness of the person to make such a gift. Thus finding that the assessee had not pr....