2007 (7) TMI 40

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....mber, 2006 passed bythe Income Tax Appellate Tribunal, Delhi Bench 'C' in ITA No.3495(Del)/2004relevant for the assessment year 2001-02. 2. The Assessee claims to have received two gifts from abroad. One gift was from Mr. P.B. Bhardwaj and was of an amount of Rs.30,04,300/- while the second gift was from Mr. Surender Khoka of an amount of Rs.4,61,942/-. The Assessee produced documentation to sh....

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....e CIT (A) did not agree with the view canvassed by the Assessee and dismissed the appeal. Similarly, the Tribunal also dismissed the appeal of the Assessee and that is how we are required to deal with this appeal under Section 260A of the Income Tax Act, 1961. 4. Having heard learned counsel for the Assessee, we find that the Tribunal considered the entire case law on the subject including seve....

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....ey wanted to help him. It appears to us that this is not only quite unusual but also quite unnatural. It sounds rather incredible that a complete stranger would want to gift lakhs of rupees to a person only because that person wanted the amount for purchasing a house. The taxing authorities were entitled to look into the surrounding circumstances, which they did, and came to the conclusion that th....