2018 (5) TMI 1596

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..... Subsequently, the case was selected for scrutiny under CASS and accordingly notice u/s 143(2) dated 25/08/2011 was issued and served on the assessee on 06/09/2011. In response to the said notice, the assessee furnished the information called for. 2.1 During the course of assessment proceedings, the AO observed that on verification of assessee's bank account with HDFC Bank, there were credits on different dates totalling to Rs. 17,00,000/- as follows: S. No. Date Amount 1. 29/07/2009 5,00,000/- 2. 05/08/2009 5,00,000/- 3. 29/09/2009 5,00,000/- 4. 08/10/2009 2,00,000/-   Total 17,00,000/-   2.2 Assessee stated that she had received gifts from her daughter, Smt. T. Veena and also filed confirmation f....

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.... as unexplained credit in the bank account. 3. When the assessee carried the matter in appeal before the CIT(A) against the assessment order, the CIT(A) confirmed the order of AO by holding that though the identity stands proved, the creditworthiness and genuineness of the transaction remains doubtful and it does not stand to reason that a person gives gift when she herself has to borrow money for it. 4. Aggrieved by the order of CIT(A), the assessee is in appeal before us raising the following grounds of appeal: "1. The order of the ld. CIT(A) is erroneous both on facts and in law. 2. The ld. CIT(A) erred in confirming the addition of Rs. 17,00,000/- made by the AO u/s 68 of the Act without properly considering the facts placed befo....

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....ssociates on 28.07.2009 by cheque nos. 0220346 and 0220347 respectively, Rs. 5,00,000 on 03.08.2009 and 4,00,000 on 24.09.2009 received from Mr. Srinu Babu by cheque nos. 0370264 and 0346824 respectively and Rs. 2,00,000 from Mr. P. Rajendra by cheque no. 0217422 and Rs. 1,00,000/- out of the rent received from house property aggregating to Rs. 17,00,000/-. Accordingly, the source of source also was submitted along with the confirmations from them even though the same was not necessary or the same was not the part of the assessee to submit. Finally, he submitted that the assessee had discharged the onus of proving the identity, credit worthiness and genuineness of the gifts and accordingly the gifts received from daughter out of natural lov....