TaxTMI 
TaxTMI 
2022 (11) TMI 1049
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....einafter referred to as Act) dated 23/12/2016 by the ld. Dy. Commissioner of Income Tax, Central Circle 1(1), Mumbai. (hereinafter referred to as ld. AO). 2. At the outset we find that there is a delay of 77 days in filing of appeal by the assessee. We find the same falls during the Covid period and hence, in view of the relaxation provided by the Hon'ble Supreme Court, the delay is hereby condoned and appeal is admitted for adjudication. 3. The only effective issue to be decided in this appeal is as to whether the ld. CIT(A) was justified in confirming the addition made u/s.68 of the Act in respect of jewellery in the sum of Rs.11,25,900/- in the facts and circumstances of the instant case. 3.1. We have heard the rival submissions....
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....efore the ld. AO. The ld. AO however, did not agree to the contentions of the assessee and proceeded to treat the amount credited in the capital account as unexplained cash credit u/s.68 of the Act in the sum of Rs.11,25,900/- and sought to tax the same in terms of provisions of Section 115BBE of the Act on the following reasons:- i. In the declaration of gift, no reason or occasion has been mentioned for grant of gift. ii. Secondly, the gift deed so furnished, though written on a stamp paper of 100/- is not registered anywhere. iii. There is no corroborative evidence furnished to prove the ownership of the impugned jewellery in the hands of the donor. iv. The assessee has not furnished any IT/WT return t....
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....llery weighing 417 gms equivalent to Rs.11,25,900/-. This was stated to be given by grandmother out of her Streedhan. In our considered opinion, the fact of ownership of agricultural lands by the grandmother has got absolutely no relevance to prove her capacity of giving gift of jewellery to the assessee. The same would, however, enable the grandmother to prove the source of acquisition of jewellery, if any, in her hands. Now, we have to confine our discussions only to genuineness of gift of jewellery of 417 gms stated to be received as gift from grandmother by the assessee. To support this, the assessee has furnished gift deed from the grandmother together with an affidavit in non-judicial stamp paper confirming the fact of gift. In the sa....
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....llery was gifted to the assessee herein out of natural love and affection. For the grandmother giving gift to the granddaughter i.e. assessee herein, in our considered opinion, no occasion need to be proved. It is out of natural love and affection. Why the grandmother had gifted only to one lady member of the family i.e. assessee herein and not to other lady members, as pointed out by the ld. CIT(A) in his second contention, is not the lookout of the Revenue. It is the will and desire of the donor i.e. grandmother. We find that the gift deed has been duly accepted by the donee i.e. assessee herein and the gift is complete in all aspects. In any case, we find that this gift is only received by the assessee from grandmother which has been acc....