2018 (7) TMI 1410

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....llowing Grounds of appeal: "1. The Learned Commissioner of Income Tax (Appeals) erred in upholding the addition made by the Learned Assessing Officer of Rs. 18,26,730/- as unexplained cash credit. 2. The Learned Commissioner of Income Tax (Appeals) ought to have appreciated the facts and circumstances of the case and deleted the addition made by the Learned Assessing Officer as it involved gift received from relatives who had income from agricultural produce to establish their credit worthiness as well as loans received from relatives and friends who were produced before the Learned Assessing Officer and the amounts lent by each one was well within their means of A earnings." 3. The relevant facts as culled out from the....

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.... the disallowance and addition made of Rs. 17,00,000/- being claimed by the appellant, as gift were received from the following persons. (1) Rs. 5,00,000/- from father in law (2) Rs. 5,00,000/- from Ashmitaben S. Patel who in turn from her father Shri Karsan Naran Kalariya (3) Rs. 2,50,000/- from his brother Shri Amratlal Ramchanddas Patel. (4) Rs. 4,50,000/- from Ashmitaben Sitarambhai Patel who in turn from her uncle Shri Ramniklal N. Kalaria. In the remand report, AO mentioned that gift from relatives of Rs. 17,00,000/- and borrowing from friends and relatives of Rs. 1,50,400/- cannot be accepted as depositors are mostly labourers working in APMC market and appellant has proved the paying capa....