TaxTMI 
TaxTMI 
2015 (9) TMI 964
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....ellate Tribunal, Chandigarh Bench 'A' in ITA No.242/CHD/2009, for the assessment year 2000-01, claiming following substantial questions of law:- "i) Whether under the facts and circumstances of the case, the action in rejecting the receipt of capital account transactions as a gift and treating the same as income being of a revenue nature is unreasonable and sustainable? ii)Whether under the facts and circumstances of the case, the action for rejecting the enforceable and executed documentary evidences substantiating the genuineness of gift, is unwarranted specifically without cross examination of the donor? iii)Whether the chargeable income is to be in the hands of the beneficiary and the charge has to be on the real income of....
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....order dated 21.11.1999 supported by gift deed by the donor. The aforesaid amount was stated to be out of NRE account and credited in Saving Bank account of Punjab National Bank. Copies of bank statement, gift deed duly signed by the donor and affidavit executed by the donor were submitted. Since the donor was not cooperating and to avoid litigation, the appellant surrendered Rs. 10 lacs subject to no penal action under the Act. The Assessing Officer not satisfied with the reply made addition of Rs. 10 lacs treating the gifts as undisclosed income vide order dated 28.2.2006, Annexure A.4. Aggrieved by the order, the assessee filed appeal before the Commissioner of Income Tax (Appeals) [CIT(A)]. Vide order dated 23.1.2009, Annexure A.7, the a....
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.... the assessee which fact becomes clear from the letter written by the Assessing Officer on 9.1.2006 which is as under:- 'You have received a gift amounting to Rs. 10 lakhs from Abinashi Lal Bajaj. The statement of Bajaj was recorded by the ADIT (Inv.) II, Chandigarh. In his statement Shri Bajaj has stated that he has not made any gift to any person; only pay order has been given in lieu of cash. It is quite clear from the above facts that the gift is not genuine. You are requested to furnish the complete postal address of the person from whom gift has been received or produce the donor to verify the genuineness of the gift on the date of hearing i.e.18.1.2006.' Therefore it is clear that the assessee was confronted with the state....