TaxTMI 
TaxTMI 
2019 (9) TMI 630
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....e record found that assessee had deposited cash amount of Rs. 2,30,000/-. Show cause notice was issued. The assessee filed reply stating therein that assessee has received cash gift from his mother Smt. Kamla Jain on different dates and out of the said gift amount of Rs. 2,30,000/- had been deposited by the assessee. The assessee has not filed the Gift Deed and only copy of ITR of Smt. Kamla Jain for the A.Y. 2015-2016 was filed. The A.O, therefore, held that the same would not prove the creditworthiness of the donor and genuineness of the transaction in the matter. The A.O. accordingly treated Rs. 2,30,000/- as undisclosed income of assessee and made the addition. 3. The assessee challenged the addition before the Ld. CIT(A) and it was su....
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....ellant also could have easily transferred this amount through bank account by RTGS to the account of the son i.e. appellant. The preponderance of probability is entirely against the appellant and any prudent person will not transfer money in this manner when both mother and son are having bank account and good banking habit. Just because there is withdrawal of Rs. 17,20,000/- on 02/01/2015 and Rs. 70,000/- on 29/01/2015 from the mother's account, the deposit in the bank account of the appellant on various dates could not establish the link as submitted by the appellant. Further, the appellant has failed to file any confirmation from the mother of the appellant regarding the said transaction during assessment, proceedings or during appella....
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....he A.O. noted that assessee has sold house in which he was having 1/5th share for a sum of Rs. 2.80 crores and purchased another house and basement at Green Park, New Delhi for a sum of Rs. 2.90 crores. The assessee has made cash deposits of Rs. 2,30,000/- in his S.B. A/c, the source of which, was not explained before the A.O. The assessee merely contended that Rs. 2,30,000/- was received as gift from his mother Smt. Kamla Jain. However, no Gift Deed was filed before A.O. Thus, the assessee failed to produce any documentary evidence before A.O. to substantive genuineness of the gift in the matter. Similar is the position before the Ld. CIT(A). Ultimately assessee claimed that mother of the assessee has gifted the amount in cash after makin....
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.... reasons or occasion of Gift have been filed on record. The Gifts have been made on seven different dates in cash, for which, no explanation have been given, despite donor was maintaining her Bank A/c. Since no sufficient evidence have been filed before the authorities below to prove genuineness of the gift in the matter, therefore, it is clear that gifts are not genuine gifts and are arranged affairs of the assessee. Thus, assessee failed to prove ingredients of genuine gift in the matter. I rely upon Judgment of Hon'ble Delhi High Court in the case of CIT vs. Anil Kumar 292 ITR 554 (Del.), Judgment of Hon'ble Supreme Court in the case of CIT vs. P. Mohankala 291 ITR 278 (SC) and Judgment of Hon'ble Punjab & Haryana High Court in the case....