2008 (5) TMI 664

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....D. Jolly JUDGMENT Madan B. Lokur, J. The revenue is aggrieved by an order dated 22-10-2007 passed by the Income-tax Appellate Tribunal, Delhi Bench 'I' in ITA Nos. 4820/Delhi/2005; 4827/Delhi/2005; 4831/Delhi/2005; 3628/Delhi/2006; and 3629/Delhi/2006 relevant for the assessment year 2001-02. 2. According to the assessee, it is carrying on the business of a financial company and also h....

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....ove, the Swiss national appears to have given gifts to the tune of Rs. 69.50 lakhs to other persons by cheques drawn on the same date that is 14-9-2000. 4. According to all the three authorities below, the assessee was not able to explain the circumstances in which the gifts were received even though the documentation appears to have been meticulously prepared. The relationship that the assesse....

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....planation of the asses­see. 7. We are not convinced that the transaction is above board. We have in particular considered the quantum of the gifts, the fact that there is inadequate material to show the resources or fi­nances of the Swiss national: there is no apparent reason for the assessee being showered with gifts by a person who is stated to be only a family friend and that the sam....