2022 (11) TMI 68

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.... 143(3) since the same was not in accordance with the Principals of Natural Justice and not in accordance with the provisions of the Income Tax Act. 2 That the Ld. AO was not justified in making an addition of Rs. 8,53,89,440/- u/s. 68 by treating the gift received from father as unexplained for the sole reason that assessee could not produce him. The notice was issued by the Ld. AO at 21:04 on 29.12.2018 to produce the donor on 30.12.2018 at 11:30AM from Hong Kong which is impossible. 3 That under the facts and circumstances of the case both the lower authorities were not justified in making and sustaining the addition of Rs. 8,53,89,440/- u/s. 68 by treating the gift received from father as unexplained." 3. The solita....

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....018 giving the copy of the bank statement showing the credit of Rs. 8,53,89,440/- (10,100,000 HKD) on 29.10.2015. * The assessee has filed gift declaration from the donor Sh. R.S. Saraf stating that the gift has been given out of natural love and affection to is son Sh. Umesh Saraf, the assessee. * The donor has submitted that the gift amount has been given by order No. 13791302. * The donor has submitted that the amount has been credited into the A/c No. 8002291075 of LGT Bank. * The copy of the bank statement reflecting the fact that the payment has been made from Sh. R.S. Saraf, Ratna Saraf, Flat D 204, Caine Mansion, 80-88 Caine Road, Hong Kong has been produced. * The copy of the identity ca....